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SORG BAY WEST FEDERAL CREDIT UNION

Dec, 31, 2023 — SORG BAY WEST FEDERAL CREDIT UNION is a federal credit union headquartered in MIDDLETOWN, OH with 1 branch location and about $10.65 million in total assets. Opened 74 years ago in 1950, SORG BAY WEST FEDERAL CREDIT UNION has about 955 members and employs 4 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


Name:SORG BAY WEST FEDERAL CREDIT UNION
Address:
(Main Office)
400 N BROAD ST
MIDDLETOWN, OH 45042-1909
Phone:(513) 422-8697
Fax:(513) 422-1692
Website:https://www.sorgbaywest.com
Branches:1 branch locations
Members:955
Credit Union Type:Federal Credit Union
Charter Number:6772
Membership Type:Community credit unions, urban or rural, other than those designated 'low income'
Corporate Credit Union:No
Year Opened:1950
Last Audited:Apr 01, 2023
FHLB Member:No
Low Income Designation:No
Assets:$10,650,623
CEO/Manager:JOANN MAMALIGAS
Chairperson:JEFFREY KINSEL

Call Report

  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 553,770
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 2,165,709
 Unsecured Loans 858,586
 Other Loans 5,949,538
 TOTAL LOANS 8,973,833
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -100,135
 Land And Building 72,239
 Other Fixed Assets 3,500
 NCUSIF Deposit 91,931
 All Other Assets 56,188
  TOTAL ASSETS 10,650,623
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 124,564
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 1,022,992
 Regular shares 3,347,160
 All Other Shares & Deposits 5,359,406
  TOTAL SHARES & DEPOSITS 9,729,558
  TOTAL LIABILITIES 9,854,122
 Regular Reserve 0
 Other Reserves -13,777
 Undivided Earnings 810,278
  TOTAL EQUITY 796,501
  TOTAL LIABILITIES, SHARES, & EQUITY 10,650,623
INCOME & EXPENSE  
 Loan Income 586,943
 Investment Income 27,696
 Other Income 23,562
 Total Employee Compensation & Benefits 222,750
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 188,942
 Non-operating Income & (Expense) 5,114
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 165,000
 Cost of Funds 132,037
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) -23,957
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