Dec, 31, 2023 — MODERN EMPLOYEES FEDERAL CREDIT UNION is a federal credit union headquartered in OWENSBORO, KY with 1 branch location and about $6.52 million in total assets. Opened 71 years ago in 1953, MODERN EMPLOYEES FEDERAL CREDIT UNION has about 553 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: | MODERN EMPLOYEES FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 1727 Moseley St OWENSBORO, KY 42303-3830 |
| Phone: | (270) 685-1025 |
| Fax: | (270) 685-1380 |
| Website: | https://www.modernefcu.net |
| Branches: | 1 branch locations |
| Members: | 553 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 8940 |
|---|---|
| Membership Type: | Manufacturing - Primary and Fabricated Metals |
| Corporate Credit Union: | No |
| Year Opened: | 1953 |
| Last Audited: | Sep 01, 2021 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $6,518,364 |
| CEO/Manager: | Matt Whalen |
| Chairperson: | Kenny Payne |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 1,649,126 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 1,141,048 |
| Unsecured Loans | 343,686 |
| Other Loans | 1,538,675 |
| TOTAL LOANS | 3,023,409 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -59,186 |
| Land And Building | 56,880 |
| Other Fixed Assets | 3,887 |
| NCUSIF Deposit | 55,156 |
| All Other Assets | 0 |
| TOTAL ASSETS | 6,518,364 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 9,635 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 821,343 |
| Regular shares | 4,294,661 |
| All Other Shares & Deposits | 464,728 |
| TOTAL SHARES & DEPOSITS | 5,580,732 |
| TOTAL LIABILITIES | 5,590,367 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 927,997 |
| TOTAL EQUITY | 927,997 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 6,518,364 |
| INCOME & EXPENSE | |
| Loan Income | 168,661 |
| Investment Income | 80,121 |
| Other Income | 46,586 |
| Total Employee Compensation & Benefits | 155,391 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 271,255 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | -9,070 |
| Cost of Funds | 2,901 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | -124,734 |
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