Dec, 31, 2023 — FIRST CHOICE CREDIT UNION is a federally insured state chartered credit union headquartered in WEST PALM BEACH, FL with 2 branch locations and about $141.20 million in total assets. Opened 95 years ago in 1929, FIRST CHOICE CREDIT UNION has about 9,096 members and employs 29 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | FIRST CHOICE CREDIT UNION |
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Address: (Main Office) | 1055 S Congress Ave WEST PALM BEACH, FL 33406-5195 |
Phone: | (561) 641-0100 |
Fax: | (561) 641-7931 |
Website: | https://www.firstchoicecu.org |
Branches: | 2 branch locations |
Members: | 9,096 |
Credit Union Type: | Federally Insured State Chartered Credit Union |
Charter Number: | 67725 |
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Membership Type: | State chartered natural person |
Corporate Credit Union: | No |
Year Opened: | 1929 |
Last Audited: | Jun 01, 2023 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $141,198,960 |
CEO/Manager: | Michael J Welte |
Chairperson: | Robert Delancy |
ASSETS: | $ Amount |
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Cash & Equivalents | 5,216,353 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 27,978,236 |
Unsecured Loans | 2,360,151 |
Other Loans | 37,347,032 |
TOTAL LOANS | 67,685,419 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -457,866 |
Land And Building | 1,635,685 |
Other Fixed Assets | 147,701 |
NCUSIF Deposit | 1,284,645 |
All Other Assets | 0 |
TOTAL ASSETS | 141,198,960 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 6,023 |
Notes & Interest Payable | 0 |
Accounts Payable & Other Liabilities | 685,516 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 30,723,720 |
Regular shares | 58,694,318 |
All Other Shares & Deposits | 42,612,036 |
TOTAL SHARES & DEPOSITS | 132,030,075 |
TOTAL LIABILITIES | 132,721,614 |
Regular Reserve | 0 |
Other Reserves | -6,664,239 |
Undivided Earnings | 15,141,585 |
TOTAL EQUITY | 8,477,346 |
TOTAL LIABILITIES, SHARES, & EQUITY | 141,198,960 |
INCOME & EXPENSE | |
Loan Income | 2,965,223 |
Investment Income | 2,107,705 |
Other Income | 609,761 |
Total Employee Compensation & Benefits | 1,834,007 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 2,064,463 |
Non-operating Income & (Expense) | 0 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 113,394 |
Cost of Funds | 997,521 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 1,167,266 |
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