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MODERN EMPLOYEES FEDERAL CREDIT UNION

Mar, 31, 2022 — MODERN EMPLOYEES FEDERAL CREDIT UNION is a federal credit union headquartered in OWENSBORO, KY with 1 branch location and about $8.23 million in total assets. Opened 69 years ago in 1953, MODERN EMPLOYEES FEDERAL CREDIT UNION has about 764 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:http://www.modernefcu.net
Branches:1 branch locations
Members:764
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:$8,226,540
CEO/Manager:Tammy Kirkpatrick
Chairperson:Kenny Payne

Call Report

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Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 1,770,201
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 1,292,294
 Unsecured Loans 376,299
 Other Loans 1,538,417
 TOTAL LOANS 3,207,010
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -21,962
 Land And Building 65,913
 Other Fixed Assets 6,983
 NCUSIF Deposit 55,829
 All Other Assets 0
  TOTAL ASSETS 8,226,540
LIABILITIES & CAPITAL:  
 Dividends Payable 222
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 16,006
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 928,524
 Regular shares 5,252,610
 All Other Shares & Deposits 680,182
  TOTAL SHARES & DEPOSITS 6,861,316
  TOTAL LIABILITIES 6,877,544
 Regular Reserve 0
 Other Reserves 350,000
 Undivided Earnings 998,996
  TOTAL EQUITY 1,348,996
  TOTAL LIABILITIES, SHARES, & EQUITY 8,226,540
INCOME & EXPENSE  
 Loan Income 46,167
 Investment Income 2,573
 Other Income 13,384
 Total Employee Compensation & Benefits 28,289
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 43,419
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 1,413
 Cost of Funds 1,070
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) -11,942
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