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ALABAMA RURAL ELECTRIC CREDIT UNION

Dec, 31, 2020 — ALABAMA RURAL ELECTRIC CREDIT UNION is a federally insured state chartered credit union headquartered in MONTGOMERY, AL with 1 branch location and about $48.61 million in total assets. Opened 52 years ago in 1969, ALABAMA RURAL ELECTRIC CREDIT UNION has about 3,735 members and employs 9 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


Name:ALABAMA RURAL ELECTRIC CREDIT UNION
Address:
(Main Office)
PO BOX 240547
MONTGOMERY, AL 36124
Phone:(334) 215-7328
Fax:(334) 215-7946
Website:http://www.arecu.net
Branches:1 branch locations
Members:3,735
Credit Union Type:Federally Insured State Chartered Credit Union
Charter Number:68624
Membership Type:State chartered natural person
Corporate Credit Union:No
Year Opened:1969
Last Audited:Dec 01, 2018
FHLB Member:No
Low Income Designation:No
Assets:$48,613,093
CEO/Manager:Jane J Boysen
Chairperson:Jeff Hodges

Call Report

  • Commercial Loans
  • Overdraft Protection
  • Real Estate Loans
  • Risk Based Loans
  • ATM/Debit Card Program
  • Commercial Share Accounts
  • Check Cashing
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 13,607,050
TOTAL INVESTMENTS 10,983,020
Loans Held for Sale 0
 
 Real Estate Loans 68,018
 Unsecured Loans 2,364,794
 Other Loans 19,955,436
 TOTAL LOANS 23,910,631
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -357,976
 Land And Building 0
 Other Fixed Assets 38,281
 NCUSIF Deposit 285,142
 All Other Assets 146,945
  TOTAL ASSETS 48,613,093
LIABILITIES & CAPITAL:  
 Dividends Payable 17,446
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 7,384,058
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 3,746,877
 Regular shares 10,372,537
 All Other Shares & Deposits 24,546,628
  TOTAL SHARES & DEPOSITS 38,666,042
  TOTAL LIABILITIES 46,067,546
 Regular Reserve 1,620,365
 Other Reserves 0
 Undivided Earnings 925,182
  TOTAL EQUITY 2,545,547
  TOTAL LIABILITIES, SHARES, & EQUITY 48,613,093
INCOME & EXPENSE  
 Loan Income 632,129
 Investment Income 84,638
 Other Income 157,182
 Total Employee Compensation & Benefits 457,647
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 650,755
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 274,000
 Cost of Funds 1,227,664
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) -1,736,117
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