Dec, 31, 2023 — FAMILY SAVINGS CREDIT UNION is a federally insured state chartered credit union headquartered in RAINBOW CITY, AL with 12 branch locations and about $965.80 million in total assets. Opened 73 years ago in 1951, FAMILY SAVINGS CREDIT UNION has about 75,156 members and employs 265 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | FAMILY SAVINGS CREDIT UNION |
|---|---|
| Address: (Main Office) | 205 Rescia Ave RAINBOW CITY, AL 35906-5932 |
| Phone: | (256) 547-8190 |
| Fax: | (256) 442-8002 |
| Website: | https://www.familysavingscu.com |
| Branches: | 12 branch locations |
| Members: | 75,156 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 68628 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1951 |
| Last Audited: | Mar 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $965,802,594 |
| CEO/Manager: | Danny Varnon |
| Chairperson: | L P Williamson |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 121,204,891 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 276,998,096 |
| Unsecured Loans | 31,955,723 |
| Other Loans | 463,831,205 |
| TOTAL LOANS | 780,603,969 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -5,827,645 |
| Land And Building | 18,013,530 |
| Other Fixed Assets | 6,969,634 |
| NCUSIF Deposit | 6,958,951 |
| All Other Assets | 798,088 |
| TOTAL ASSETS | 965,802,594 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 3,003,251 |
| Notes & Interest Payable | 59,900,000 |
| Accounts Payable & Other Liabilities | 13,621,367 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 155,415,416 |
| Regular shares | 314,911,593 |
| All Other Shares & Deposits | 335,676,901 |
| TOTAL SHARES & DEPOSITS | 806,003,909 |
| TOTAL LIABILITIES | 882,528,527 |
| Regular Reserve | 0 |
| Other Reserves | 59,791 |
| Undivided Earnings | 83,214,276 |
| TOTAL EQUITY | 83,274,067 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 965,802,594 |
| INCOME & EXPENSE | |
| Loan Income | 42,961,319 |
| Investment Income | 2,676,831 |
| Other Income | 11,241,675 |
| Total Employee Compensation & Benefits | 21,790,954 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 19,675,322 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 3,790,618 |
| Cost of Funds | 12,694,112 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 10,134,401 |
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