Dec, 31, 2022 — 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 76 years ago in 1947, VELOCITY CREDIT UNION has about 83,030 members and employs 210 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: | 83,030 |
| 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: | $1,067,212,201 |
| CEO/Manager: | Debbie L Mitchell |
| Chairperson: | Kasha Bartholomew |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 104,533,187 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 315,000 |
| Real Estate Loans | 159,883,536 |
| Unsecured Loans | 37,382,275 |
| Other Loans | 385,824,509 |
| TOTAL LOANS | 583,090,320 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -5,519,287 |
| Land And Building | 42,733,893 |
| Other Fixed Assets | 7,000,025 |
| NCUSIF Deposit | 8,547,619 |
| All Other Assets | 719,375 |
| TOTAL ASSETS | 1,067,212,201 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 133,372 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 9,088,807 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 260,116,039 |
| Regular shares | 326,423,089 |
| All Other Shares & Deposits | 357,767,100 |
| TOTAL SHARES & DEPOSITS | 944,306,228 |
| TOTAL LIABILITIES | 953,528,407 |
| Regular Reserve | 0 |
| Other Reserves | -39,155,342 |
| Undivided Earnings | 152,839,136 |
| TOTAL EQUITY | 113,683,794 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 1,067,212,201 |
| INCOME & EXPENSE | |
| Loan Income | 19,232,738 |
| Investment Income | 3,819,688 |
| Other Income | 4,471,234 |
| Total Employee Compensation & Benefits | 14,732,070 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 13,674,907 |
| Non-operating Income & (Expense) | 1,967,026 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 1,195,665 |
| Cost of Funds | 1,951,045 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 4,256,189 |
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