Dec, 31, 2023 — THE SOUTHERN CREDIT UNION is a federally insured state chartered credit union headquartered in FAYETTEVILLE, GA with 12 branch locations and about $527.45 million in total assets. Opened 61 years ago in 1963, THE SOUTHERN CREDIT UNION has about 31,985 members and employs 71 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | THE SOUTHERN CREDIT UNION |
|---|---|
| Address: (Main Office) | 430 Lanier Ave E FAYETTEVILLE, GA 30214 |
| Phone: | (800) 338-5882 |
| Fax: | (770) 460-3240 |
| Website: | https://www.southernonline.org |
| Branches: | 12 branch locations |
| Members: | 31,985 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 68638 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1963 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $527,450,922 |
| CEO/Manager: | Ray B Hull |
| Chairperson: | Morris D Kelly |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 18,061,131 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 67,791,713 |
| Unsecured Loans | 19,900,065 |
| Other Loans | 136,532,692 |
| TOTAL LOANS | 224,224,471 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,110,700 |
| Land And Building | 14,949,765 |
| Other Fixed Assets | 872,000 |
| NCUSIF Deposit | 4,777,754 |
| All Other Assets | 102,027 |
| TOTAL ASSETS | 527,450,922 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 554,524 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 7,743,800 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 88,528,328 |
| Regular shares | 267,103,548 |
| All Other Shares & Deposits | 126,127,844 |
| TOTAL SHARES & DEPOSITS | 481,759,720 |
| TOTAL LIABILITIES | 490,058,044 |
| Regular Reserve | 0 |
| Other Reserves | -18,157,213 |
| Undivided Earnings | 55,550,091 |
| TOTAL EQUITY | 37,392,878 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 527,450,922 |
| INCOME & EXPENSE | |
| Loan Income | 10,642,478 |
| Investment Income | 6,502,788 |
| Other Income | 3,063,920 |
| Total Employee Compensation & Benefits | 8,602,120 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 8,033,945 |
| Non-operating Income & (Expense) | 2,012,873 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 736,765 |
| Cost of Funds | 1,797,969 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 5,500,805 |
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