Dec, 31, 2023 — LAUNCH CREDIT UNION is a federally insured state chartered credit union headquartered in MERRITT ISLAND, FL with 19 branch locations and about $1.38 billion in total assets. Opened 61 years ago in 1963, LAUNCH CREDIT UNION has about 84,720 members and employs 322 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | LAUNCH CREDIT UNION |
|---|---|
| Address: (Main Office) | 300 S Plumosa St MERRITT ISLAND, FL 32952 |
| Phone: | (321) 455-9400 |
| Fax: | (321) 452-7007 |
| Website: | https://launchcu.com |
| Branches: | 19 branch locations |
| Members: | 84,720 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 68716 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1963 |
| Last Audited: | Jun 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $1,384,996,263 |
| CEO/Manager: | Joseph Mirachi |
| Chairperson: | Percy Cohrs |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 139,118,173 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 636,967,614 |
| Unsecured Loans | 121,575,599 |
| Other Loans | 368,587,545 |
| TOTAL LOANS | 1,127,130,758 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -8,381,949 |
| Land And Building | 27,449,229 |
| Other Fixed Assets | 7,808,668 |
| NCUSIF Deposit | 10,598,815 |
| All Other Assets | 408,050 |
| TOTAL ASSETS | 1,384,996,263 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 115,562,500 |
| Accounts Payable & Other Liabilities | 17,765,755 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 233,843,049 |
| Regular shares | 505,090,975 |
| All Other Shares & Deposits | 393,078,979 |
| TOTAL SHARES & DEPOSITS | 1,132,013,003 |
| TOTAL LIABILITIES | 1,265,369,131 |
| Regular Reserve | 0 |
| Other Reserves | -141,832 |
| Undivided Earnings | 119,768,964 |
| TOTAL EQUITY | 119,627,132 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 1,384,996,263 |
| INCOME & EXPENSE | |
| Loan Income | 56,776,163 |
| Investment Income | 5,581,137 |
| Other Income | 8,744,106 |
| Total Employee Compensation & Benefits | 30,326,265 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 23,988,065 |
| Non-operating Income & (Expense) | -347,082 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 5,754,057 |
| Cost of Funds | 14,307,425 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 6,492,621 |
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