Dec, 31, 2023 — VERITY CREDIT UNION is a federally insured state chartered credit union headquartered in SEATTLE, WA with 8 branch locations and about $833.38 million in total assets. Opened 91 years ago in 1933, VERITY CREDIT UNION has about 37,837 members and employs 146 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | VERITY CREDIT UNION |
|---|---|
| Address: (Main Office) | 11027 Meridian Ave N SEATTLE, WA 98133 |
| Phone: | (206) 440-9000 |
| Fax: | (206) 361-5300 |
| Website: | https://www.veritycu.com |
| Branches: | 8 branch locations |
| Members: | 37,837 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 68517 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1933 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $833,375,439 |
| CEO/Manager: | Tonita Webb |
| Chairperson: | Nancy Woodland |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 59,913,703 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 378,864,086 |
| Unsecured Loans | 35,860,250 |
| Other Loans | 298,920,428 |
| TOTAL LOANS | 713,644,764 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -5,572,846 |
| Land And Building | 5,479,169 |
| Other Fixed Assets | 2,283,809 |
| NCUSIF Deposit | 5,870,400 |
| All Other Assets | 955,371 |
| TOTAL ASSETS | 833,375,439 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 226,792 |
| Notes & Interest Payable | 58,500,000 |
| Accounts Payable & Other Liabilities | 29,651,927 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 246,517,840 |
| Regular shares | 172,715,045 |
| All Other Shares & Deposits | 251,521,929 |
| TOTAL SHARES & DEPOSITS | 670,754,813 |
| TOTAL LIABILITIES | 759,133,532 |
| Regular Reserve | 0 |
| Other Reserves | 4,513,524 |
| Undivided Earnings | 69,728,383 |
| TOTAL EQUITY | 74,241,907 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 833,375,439 |
| INCOME & EXPENSE | |
| Loan Income | 37,528,575 |
| Investment Income | 1,440,116 |
| Other Income | 2,659,790 |
| Total Employee Compensation & Benefits | 17,465,428 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 21,593,059 |
| Non-operating Income & (Expense) | 409,493 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 3,914,611 |
| Cost of Funds | 7,603,475 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,545,722 |
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