Jun, 30, 2024 — SOLUTIONS FEDERAL CREDIT UNION is a federal credit union headquartered in ELMIRA, NY with 1 branch location and about $37.85 million in total assets. Opened 73 years ago in 1952, SOLUTIONS FEDERAL CREDIT UNION has about 3,604 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 |
|---|---|
| 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: | 3,604 |
| 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, 2022 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $37,847,778 |
| CEO/Manager: | Thomas C Wood |
| Chairperson: | Martin Mason |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 2,984,927 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 3,166,276 |
| Unsecured Loans | 2,285,352 |
| Other Loans | 11,340,594 |
| TOTAL LOANS | 16,792,222 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -45,169 |
| Land And Building | 388,079 |
| Other Fixed Assets | 86,052 |
| NCUSIF Deposit | 326,828 |
| All Other Assets | 0 |
| TOTAL ASSETS | 37,847,778 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 642,707 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 7,244,347 |
| Regular shares | 15,547,356 |
| All Other Shares & Deposits | 10,931,505 |
| TOTAL SHARES & DEPOSITS | 33,723,208 |
| TOTAL LIABILITIES | 34,365,915 |
| Regular Reserve | 0 |
| Other Reserves | 160,531 |
| Undivided Earnings | 3,321,332 |
| TOTAL EQUITY | 3,481,863 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 37,847,778 |
| INCOME & EXPENSE | |
| Loan Income | 651,020 |
| Investment Income | 144,756 |
| Other Income | 124,549 |
| Total Employee Compensation & Benefits | 437,280 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 477,344 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 2,500 |
| Cost of Funds | 41,865 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 201,132 |
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