Dec, 31, 2023 — SOLUTIONS FEDERAL CREDIT UNION is a federal credit union headquartered in ELMIRA, NY with 1 branch location and about $37.55 million in total assets. Opened 72 years ago in 1952, SOLUTIONS FEDERAL CREDIT UNION has about 3,514 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.
Name: | SOLUTIONS FEDERAL CREDIT UNION |
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Address: (Main Office) | 907 Broadway St ELMIRA, NY 14904-2501 |
Phone: | (607) 734-7144 |
Fax: | (607) 734-6757 |
Website: | https://solutionscu.org |
Branches: | 1 branch locations |
Members: | 3,514 |
Credit Union Type: | Federal Credit Union |
Charter Number: | 7846 |
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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, 2023 |
FHLB Member: | No |
Low Income Designation: | No |
Assets: | $37,546,109 |
CEO/Manager: | Thomas C Wood |
Chairperson: | Martin Mason |
ASSETS: | $ Amount |
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Cash & Equivalents | 1,468,600 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 2,929,244 |
Unsecured Loans | 2,504,732 |
Other Loans | 11,680,255 |
TOTAL LOANS | 17,114,231 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -60,556 |
Land And Building | 355,200 |
Other Fixed Assets | 13,736 |
NCUSIF Deposit | 324,724 |
All Other Assets | 0 |
TOTAL ASSETS | 37,546,109 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 0 |
Notes & Interest Payable | 0 |
Accounts Payable & Other Liabilities | 130,540 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 7,395,389 |
Regular shares | 14,931,347 |
All Other Shares & Deposits | 11,086,213 |
TOTAL SHARES & DEPOSITS | 33,412,949 |
TOTAL LIABILITIES | 33,543,489 |
Regular Reserve | 0 |
Other Reserves | 160,531 |
Undivided Earnings | 3,842,089 |
TOTAL EQUITY | 4,002,620 |
TOTAL LIABILITIES, SHARES, & EQUITY | 37,546,109 |
INCOME & EXPENSE | |
Loan Income | 1,013,791 |
Investment Income | 731,286 |
Other Income | 163,176 |
Total Employee Compensation & Benefits | 562,142 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 857,070 |
Non-operating Income & (Expense) | 0 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 42,613 |
Cost of Funds | 263,798 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 466,131 |
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