Dec, 31, 2021 — VELOCITY CREDIT UNION is a federally insured state chartered credit union headquartered in AUSTIN, TX with 6 branch locations and about $1.07 billion in total assets. Opened 75 years ago in 1947, VELOCITY CREDIT UNION has about 84,696 members and employs 202 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: | http://www.velocitycu.com |
| Branches: | 6 branch locations |
| Members: | 84,696 |
| 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, 2021 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $1,065,347,238 |
| CEO/Manager: | Debbie L Mitchell |
| Chairperson: | James Chapman |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 109,564,401 |
| TOTAL INVESTMENTS | 312,220,645 |
| Loans Held for Sale | 258,950 |
| Real Estate Loans | 168,977,679 |
| Unsecured Loans | 34,074,459 |
| Other Loans | 361,248,590 |
| TOTAL LOANS | 564,300,728 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -6,614,523 |
| Land And Building | 43,324,724 |
| Other Fixed Assets | 8,046,031 |
| NCUSIF Deposit | 8,335,741 |
| All Other Assets | 25,910,541 |
| TOTAL ASSETS | 1,065,347,238 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 153,400 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 8,876,049 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 259,834,208 |
| Regular shares | 323,647,197 |
| All Other Shares & Deposits | 334,847,742 |
| TOTAL SHARES & DEPOSITS | 918,329,147 |
| TOTAL LIABILITIES | 927,358,596 |
| Regular Reserve | 11,294,236 |
| Other Reserves | -10,594,305 |
| Undivided Earnings | 137,288,711 |
| TOTAL EQUITY | 137,988,642 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 1,065,347,238 |
| INCOME & EXPENSE | |
| Loan Income | 27,800,838 |
| Investment Income | 2,627,507 |
| Other Income | 4,870,721 |
| Total Employee Compensation & Benefits | 20,617,278 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 18,892,819 |
| Non-operating Income & (Expense) | 23,369,886 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 999,691 |
| Cost of Funds | 2,872,536 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 24,326,052 |
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