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SOLUTIONS FEDERAL CREDIT UNION

Mar, 31, 2021 — SOLUTIONS FEDERAL CREDIT UNION is a federal credit union headquartered in ELMIRA, NY with 1 branch location and about $36.00 million in total assets. Opened 69 years ago in 1952, SOLUTIONS FEDERAL CREDIT UNION has about 3,737 members and employs 7 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


ABA Routing Number: 221381456
Name:SOLUTIONS FEDERAL CREDIT UNION
Address:
(Main Office)
907 BROADWAY
ELMIRA, NY 14904
Phone:(607) 734-7144
Fax:(607) 734-6757
Website:http://solutionscu.org
Branches:1 branch locations
Members:3,737
Credit Union Type:Federal Credit Union
Charter Number:7846
Membership Type:Community credit unions, urban or rural, other than those designated 'low income'
Corporate Credit Union:No
Year Opened:1952
Last Audited:Jun 01, 2020
FHLB Member:No
Low Income Designation:No
Assets:$35,996,541
CEO/Manager:Thomas C Wood
Chairperson:Martin Mason

Call Report

  • Overdraft Protection
  • Risk Based Loans
  • ATM/Debit Card Program
  • Commercial Share Accounts
  • Check Cashing
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 6,972,081
TOTAL INVESTMENTS 12,021,000
Loans Held for Sale 0
 
 Real Estate Loans 3,724,442
 Unsecured Loans 1,927,168
 Other Loans 10,608,213
 TOTAL LOANS 16,259,823
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -105,646
 Land And Building 368,688
 Other Fixed Assets 133,740
 NCUSIF Deposit 237,366
 All Other Assets 109,489
  TOTAL ASSETS 35,996,541
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 171,233
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 7,255,956
 Regular shares 14,555,185
 All Other Shares & Deposits 10,916,763
  TOTAL SHARES & DEPOSITS 32,727,904
  TOTAL LIABILITIES 32,899,137
 Regular Reserve 160,531
 Other Reserves 0
 Undivided Earnings 2,936,873
  TOTAL EQUITY 3,097,404
  TOTAL LIABILITIES, SHARES, & EQUITY 35,996,541
INCOME & EXPENSE  
 Loan Income 229,680
 Investment Income 11,845
 Other Income 36,645
 Total Employee Compensation & Benefits 142,339
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 151,128
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 0
 Cost of Funds 16,423
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 38,618
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