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SOLUTIONS FEDERAL CREDIT UNION

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.


ABA Routing Number: 221381456
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:3,514
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, 2023
FHLB Member:No
Low Income Designation:No
Assets:$37,546,109
CEO/Manager:Thomas C Wood
Chairperson:Martin Mason

Call Report

  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
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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