Dec, 31, 2023 — MEMBERSOURCE CREDIT UNION is a federally insured state chartered credit union headquartered in HOUSTON, TX with 3 branch locations and about $196.19 million in total assets. Opened 66 years ago in 1958, MEMBERSOURCE CREDIT UNION has about 15,223 members and employs 51 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | MEMBERSOURCE CREDIT UNION |
|---|---|
| Address: (Main Office) | 10100 Richmond Ave HOUSTON, TX 77042 |
| Phone: | (713) 627-4000 |
| Fax: | (713) 244-3300 |
| Website: | https://www.membersourcecu.org |
| Branches: | 3 branch locations |
| Members: | 15,223 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 68440 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1958 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $196,190,120 |
| CEO/Manager: | Kenneth Harrington |
| Chairperson: | Jeremy Smith |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 4,275,408 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 49,886,943 |
| Unsecured Loans | 20,205,555 |
| Other Loans | 81,616,467 |
| TOTAL LOANS | 151,708,965 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -729,971 |
| Land And Building | 5,308,487 |
| Other Fixed Assets | 364,357 |
| NCUSIF Deposit | 1,678,709 |
| All Other Assets | 72,287 |
| TOTAL ASSETS | 196,190,120 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 126,360 |
| Notes & Interest Payable | 1,000,000 |
| Accounts Payable & Other Liabilities | 1,933,547 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 45,932,138 |
| Regular shares | 70,294,881 |
| All Other Shares & Deposits | 56,767,147 |
| TOTAL SHARES & DEPOSITS | 172,994,166 |
| TOTAL LIABILITIES | 176,054,073 |
| Regular Reserve | 0 |
| Other Reserves | 935,597 |
| Undivided Earnings | 19,200,450 |
| TOTAL EQUITY | 20,136,047 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 196,190,120 |
| INCOME & EXPENSE | |
| Loan Income | 7,035,521 |
| Investment Income | 452,415 |
| Other Income | 962,472 |
| Total Employee Compensation & Benefits | 4,247,322 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 4,079,895 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 548,392 |
| Cost of Funds | 1,475,874 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | -360,302 |
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