Jun, 30, 2021 — VELOCITY CREDIT UNION is a federally insured state chartered credit union headquartered in Austin, TX with 6 branch locations and about $1.05 billion in total assets. Opened 74 years ago in 1947, VELOCITY CREDIT UNION has about 83,687 members and employs 218 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | VELOCITY CREDIT UNION |
|---|---|
| Address: (Main Office) | P O BOX 1089 Austin, TX 78767 |
| Phone: | (512) 469-7000 |
| Fax: | |
| Website: | http://www.velocitycu.com |
| Branches: | 6 branch locations |
| Members: | 83,687 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 68359 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1947 |
| Last Audited: | Sep 01, 2020 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $1,051,880,059 |
| CEO/Manager: | Debbie L Mitchell |
| Chairperson: | James Chapman |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 118,401,324 |
| TOTAL INVESTMENTS | 290,485,512 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 168,786,224 |
| Unsecured Loans | 31,290,557 |
| Other Loans | 368,682,240 |
| TOTAL LOANS | 568,759,021 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -7,186,338 |
| Land And Building | 44,637,876 |
| Other Fixed Assets | 8,523,565 |
| NCUSIF Deposit | 7,821,665 |
| All Other Assets | 20,437,434 |
| TOTAL ASSETS | 1,051,880,059 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 231,255 |
| Notes & Interest Payable | 10,000,000 |
| Accounts Payable & Other Liabilities | 15,720,132 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 250,058,166 |
| Regular shares | 304,630,938 |
| All Other Shares & Deposits | 339,060,860 |
| TOTAL SHARES & DEPOSITS | 893,749,964 |
| TOTAL LIABILITIES | 919,701,351 |
| Regular Reserve | 11,294,236 |
| Other Reserves | -15,994,424 |
| Undivided Earnings | 136,878,896 |
| TOTAL EQUITY | 132,178,708 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 1,051,880,059 |
| INCOME & EXPENSE | |
| Loan Income | 14,491,845 |
| Investment Income | 1,049,093 |
| Other Income | 2,270,568 |
| Total Employee Compensation & Benefits | 10,416,878 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 9,765,260 |
| Non-operating Income & (Expense) | 23,168,544 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | -54,484 |
| Cost of Funds | 1,622,142 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 23,916,239 |
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