Dec, 31, 2023 — ESSENTIAL CREDIT UNION is a federally insured state chartered credit union headquartered in BATON ROUGE, LA with 7 branch locations and about $386.37 million in total assets. Opened 52 years ago in 1972, ESSENTIAL CREDIT UNION has about 46,913 members and employs 105 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | ESSENTIAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 2370 Towne Center BLVD BATON ROUGE, LA 70806 |
| Phone: | (225) 353-8238 |
| Fax: | |
| Website: | https://www.essentialcu.org |
| Branches: | 7 branch locations |
| Members: | 46,913 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 68736 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1972 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $386,365,862 |
| CEO/Manager: | Richard Williams |
| Chairperson: | Joey Justice |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 20,077,299 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 98,428,400 |
| Unsecured Loans | 17,638,294 |
| Other Loans | 202,212,778 |
| TOTAL LOANS | 318,679,407 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -3,010,287 |
| Land And Building | 23,293,754 |
| Other Fixed Assets | 929,114 |
| NCUSIF Deposit | 3,232,313 |
| All Other Assets | 341,036 |
| TOTAL ASSETS | 386,365,862 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 9,000,000 |
| Accounts Payable & Other Liabilities | 4,625,995 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 2,500,000 |
| Share Drafts | 64,316,088 |
| Regular shares | 120,858,941 |
| All Other Shares & Deposits | 153,432,886 |
| TOTAL SHARES & DEPOSITS | 338,607,915 |
| TOTAL LIABILITIES | 354,733,910 |
| Regular Reserve | 0 |
| Other Reserves | -950,106 |
| Undivided Earnings | 32,582,058 |
| TOTAL EQUITY | 31,631,952 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 386,365,862 |
| INCOME & EXPENSE | |
| Loan Income | 16,048,192 |
| Investment Income | 208,171 |
| Other Income | 4,300,439 |
| Total Employee Compensation & Benefits | 8,011,652 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 9,429,008 |
| Non-operating Income & (Expense) | -289,814 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 1,188,990 |
| Cost of Funds | 5,159,378 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,252,431 |
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