Dec, 31, 2023 — BEACON FINANCIAL CREDIT UNION is a federally insured state chartered credit union headquartered in JOHNSON CITY, TN with 3 branch locations and about $31.60 million in total assets. Opened 71 years ago in 1953, BEACON FINANCIAL CREDIT UNION has about 2,240 members and employs 12 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | BEACON FINANCIAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 400 N State of Franklin Rd JOHNSON CITY, TN 37604 |
| Phone: | (423) 431-6361 |
| Fax: | |
| Website: | https://www.beaconfcu.org |
| Branches: | 3 branch locations |
| Members: | 2,240 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 67776 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1953 |
| Last Audited: | Jun 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $31,596,376 |
| CEO/Manager: | John-Michael Nelms |
| Chairperson: | Shana Tate |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 1,235,907 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 10,205,003 |
| Unsecured Loans | 1,827,421 |
| Other Loans | 12,348,388 |
| TOTAL LOANS | 28,205,419 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -113,094 |
| Land And Building | 1,310,558 |
| Other Fixed Assets | 416,486 |
| NCUSIF Deposit | 243,517 |
| All Other Assets | 33,002 |
| TOTAL ASSETS | 31,596,376 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 1,284,247 |
| Accounts Payable & Other Liabilities | -36,620 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 3,446,141 |
| Regular shares | 9,290,353 |
| All Other Shares & Deposits | 14,948,309 |
| TOTAL SHARES & DEPOSITS | 27,684,804 |
| TOTAL LIABILITIES | 28,932,431 |
| Regular Reserve | 0 |
| Other Reserves | 1,410,271 |
| Undivided Earnings | 1,253,674 |
| TOTAL EQUITY | 2,663,945 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 31,596,376 |
| INCOME & EXPENSE | |
| Loan Income | 1,736,473 |
| Investment Income | 39,759 |
| Other Income | 312,084 |
| Total Employee Compensation & Benefits | 1,073,353 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 705,208 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | -30,291 |
| Cost of Funds | 477,497 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 61,657 |
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