Dec, 31, 2023 — LU 354 I B E W FEDERAL CREDIT UNION is a federal credit union headquartered in SALT LAKE CITY, UT with 1 branch location and about $36.14 million in total assets. Opened 70 years ago in 1954, LU 354 I B E W FEDERAL CREDIT UNION has about 2,636 members and employs 5 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | LU 354 I B E W FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 3405 W 1987 S SALT LAKE CITY, UT 84104-4942 |
| Phone: | (801) 975-9693 |
| Fax: | (801) 975-9698 |
| Website: | https://www.ibewfcu.org |
| Branches: | 1 branch locations |
| Members: | 2,636 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 9398 |
|---|---|
| Membership Type: | Multiple common bond - other |
| Corporate Credit Union: | No |
| Year Opened: | 1954 |
| Last Audited: | Jun 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $36,135,760 |
| CEO/Manager: | Linda J Perschon |
| Chairperson: | James Starkie |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 1,142,092 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 8,022,519 |
| Unsecured Loans | 669,106 |
| Other Loans | 23,019,833 |
| TOTAL LOANS | 31,711,458 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -100,000 |
| Land And Building | 0 |
| Other Fixed Assets | 49,722 |
| NCUSIF Deposit | 277,938 |
| All Other Assets | 25,000 |
| TOTAL ASSETS | 36,135,760 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 2,921 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 15,587 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 5,563,780 |
| Regular shares | 10,418,652 |
| All Other Shares & Deposits | 15,034,251 |
| TOTAL SHARES & DEPOSITS | 31,016,683 |
| TOTAL LIABILITIES | 31,035,191 |
| Regular Reserve | 0 |
| Other Reserves | -179,619 |
| Undivided Earnings | 5,280,188 |
| TOTAL EQUITY | 5,100,569 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 36,135,760 |
| INCOME & EXPENSE | |
| Loan Income | 1,669,377 |
| Investment Income | 60,362 |
| Other Income | 69,530 |
| Total Employee Compensation & Benefits | 459,803 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 503,360 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 60,347 |
| Cost of Funds | 475,059 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 469,627 |
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