Jun, 30, 2023 — CONCORD FEDERAL CREDIT UNION is a federal credit union headquartered in BROOKLYN, NY with 1 branch location and about $10.86 million in total assets. Opened 72 years ago in 1951, CONCORD FEDERAL CREDIT UNION has about 717 members and employs 3 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | CONCORD FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 833 Marcy Ave BROOKLYN, NY 11216 |
| Phone: | (718) 622-0623 |
| Fax: | (718) 622-5311 |
| Website: | https://concordfcu.org |
| Branches: | 1 branch locations |
| Members: | 717 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 7504 |
|---|---|
| Membership Type: | Multiple common bond - Primarily faith based |
| Corporate Credit Union: | No |
| Year Opened: | 1951 |
| Last Audited: | Sep 01, 2021 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $10,860,210 |
| CEO/Manager: | Denise A Michaux |
| Chairperson: | Ronnie L Brandon |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 1,381,870 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 0 |
| Unsecured Loans | 2,513,688 |
| Other Loans | 469,070 |
| TOTAL LOANS | 2,982,758 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -303,454 |
| Land And Building | 0 |
| Other Fixed Assets | 17,396 |
| NCUSIF Deposit | 86,841 |
| All Other Assets | 0 |
| TOTAL ASSETS | 10,860,210 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 22,612 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 167,828 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 0 |
| Regular shares | 9,003,376 |
| All Other Shares & Deposits | 22,709 |
| TOTAL SHARES & DEPOSITS | 9,026,085 |
| TOTAL LIABILITIES | 9,216,525 |
| Regular Reserve | 0 |
| Other Reserves | 736,974 |
| Undivided Earnings | 906,711 |
| TOTAL EQUITY | 1,643,685 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 10,860,210 |
| INCOME & EXPENSE | |
| Loan Income | 166,950 |
| Investment Income | 117,879 |
| Other Income | 6,198 |
| Total Employee Compensation & Benefits | 108,097 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 181,485 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 238,512 |
| Cost of Funds | 66,284 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | -40,858 |
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