Dec, 31, 2023 — VELOCITY CREDIT UNION is a federally insured state chartered credit union headquartered in AUSTIN, TX with 6 branch locations and about $1.04 billion in total assets. Opened 77 years ago in 1947, VELOCITY CREDIT UNION has about 81,298 members and employs 214 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) | 4515 Seton Center Pkwy AUSTIN, TX 78759-5290 |
| Phone: | (512) 469-7000 |
| Fax: | |
| Website: | https://www.velocitycu.com |
| Branches: | 6 branch locations |
| Members: | 81,298 |
| 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, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $1,039,075,424 |
| CEO/Manager: | Debbie L Mitchell |
| Chairperson: | Kasha Bartholomew |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 87,337,182 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 145,887,543 |
| Unsecured Loans | 55,690,539 |
| Other Loans | 413,489,312 |
| TOTAL LOANS | 615,067,394 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -17,361,494 |
| Land And Building | 41,963,118 |
| Other Fixed Assets | 5,364,095 |
| NCUSIF Deposit | 8,165,284 |
| All Other Assets | 1,557,173 |
| TOTAL ASSETS | 1,039,075,424 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 538,751 |
| Notes & Interest Payable | 50,000,000 |
| Accounts Payable & Other Liabilities | 9,283,343 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 236,819,901 |
| Regular shares | 256,675,910 |
| All Other Shares & Deposits | 368,256,842 |
| TOTAL SHARES & DEPOSITS | 861,752,653 |
| TOTAL LIABILITIES | 921,574,747 |
| Regular Reserve | 0 |
| Other Reserves | -27,250,737 |
| Undivided Earnings | 144,751,414 |
| TOTAL EQUITY | 117,500,677 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 1,039,075,424 |
| INCOME & EXPENSE | |
| Loan Income | 31,070,564 |
| Investment Income | 11,626,000 |
| Other Income | 6,257,842 |
| Total Employee Compensation & Benefits | 21,472,553 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 19,830,466 |
| Non-operating Income & (Expense) | 625,109 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 7,052,908 |
| Cost of Funds | 8,061,889 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,458,734 |
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