Dec, 31, 2023 — EDUCATION CREDIT UNION is a federally insured state chartered credit union headquartered in AMARILLO, TX with 9 branch locations and about $477.79 million in total assets. Opened 89 years ago in 1935, EDUCATION CREDIT UNION has about 38,665 members and employs 158 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | EDUCATION CREDIT UNION |
|---|---|
| Address: (Main Office) | 6203 Hillside Rd AMARILLO, TX 79109-7193 |
| Phone: | (806) 358-7777 |
| Fax: | (806) 242-9556 |
| Website: | https://www.educationcu.com |
| Branches: | 9 branch locations |
| Members: | 38,665 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 67494 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1935 |
| Last Audited: | Jun 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $477,792,609 |
| CEO/Manager: | Marcus E Smith |
| Chairperson: | Linda Purdy |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 29,500,593 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 149,660,632 |
| Unsecured Loans | 44,981,415 |
| Other Loans | 183,744,534 |
| TOTAL LOANS | 380,485,306 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -3,256,119 |
| Land And Building | 15,480,519 |
| Other Fixed Assets | 8,556,385 |
| NCUSIF Deposit | 3,914,860 |
| All Other Assets | 0 |
| TOTAL ASSETS | 477,792,609 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 2,775,196 |
| Notes & Interest Payable | 25,000,000 |
| Accounts Payable & Other Liabilities | 6,813,578 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 58,963,599 |
| Regular shares | 125,889,694 |
| All Other Shares & Deposits | 203,723,274 |
| TOTAL SHARES & DEPOSITS | 388,576,567 |
| TOTAL LIABILITIES | 423,165,341 |
| Regular Reserve | 0 |
| Other Reserves | 6,694,392 |
| Undivided Earnings | 47,932,876 |
| TOTAL EQUITY | 54,627,268 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 477,792,609 |
| INCOME & EXPENSE | |
| Loan Income | 23,268,946 |
| Investment Income | 1,592,085 |
| Other Income | 4,562,209 |
| Total Employee Compensation & Benefits | 13,136,093 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 13,022,744 |
| Non-operating Income & (Expense) | 38,498 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 3,181,861 |
| Cost of Funds | 7,133,751 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 792,598 |
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