Dec, 31, 2023 — FINEX CREDIT UNION is a federally insured state chartered credit union headquartered in EAST HARTFORD, CT with 3 branch locations and about $150.02 million in total assets. Opened 86 years ago in 1938, FINEX CREDIT UNION has about 19,541 members and employs 48 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | FINEX CREDIT UNION |
|---|---|
| Address: (Main Office) | 616 Burnside Ave EAST HARTFORD, CT 06108 |
| Phone: | (860) 282-0001 |
| Fax: | (860) 528-8925 |
| Website: | https://www.finexcu.org |
| Branches: | 3 branch locations |
| Members: | 19,541 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 68662 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1938 |
| Last Audited: | Mar 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $150,015,119 |
| CEO/Manager: | Michael Palladino |
| Chairperson: | Anthony Homicki |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 11,546,826 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 866,575 |
| Real Estate Loans | 46,457,160 |
| Unsecured Loans | 11,530,100 |
| Other Loans | 61,281,026 |
| TOTAL LOANS | 119,268,286 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,342,493 |
| Land And Building | 2,966,357 |
| Other Fixed Assets | 1,133,032 |
| NCUSIF Deposit | 1,319,510 |
| All Other Assets | 0 |
| TOTAL ASSETS | 150,015,119 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 10,027,010 |
| Accounts Payable & Other Liabilities | 4,986,542 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 31,452,247 |
| Regular shares | 58,664,503 |
| All Other Shares & Deposits | 31,314,118 |
| TOTAL SHARES & DEPOSITS | 121,430,868 |
| TOTAL LIABILITIES | 136,444,420 |
| Regular Reserve | 0 |
| Other Reserves | 7,323,155 |
| Undivided Earnings | 6,247,544 |
| TOTAL EQUITY | 13,570,699 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 150,015,119 |
| INCOME & EXPENSE | |
| Loan Income | 5,382,906 |
| Investment Income | 443,440 |
| Other Income | 1,342,146 |
| Total Employee Compensation & Benefits | 4,290,211 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 4,664,584 |
| Non-operating Income & (Expense) | -33,581 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 678,251 |
| Cost of Funds | 977,677 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | -1,118,487 |
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