Dec, 31, 2023 — GENFED FINANCIAL CREDIT UNION is a non-federally insured state credit union headquartered in AKRON, OH with 10 branch locations and about $310.59 million in total assets. Opened 87 years ago in 1937, GENFED FINANCIAL CREDIT UNION has about 24,766 members and employs 88 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | GENFED FINANCIAL CREDIT UNION |
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Address: (Main Office) | 2492 Wedgewood Dr Ste G AKRON, OH 44312 |
Phone: | (330) 734-0225 |
Fax: | (330) 733-0042 |
Website: | https://www.genfed.com |
Branches: | 10 branch locations |
Members: | 24,766 |
Credit Union Type: | Non-Federally Insured State Credit Union |
Charter Number: | 97106 |
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Membership Type: | State chartered natural person |
Corporate Credit Union: | No |
Year Opened: | 1937 |
Last Audited: | Dec 01, 2022 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $310,593,892 |
CEO/Manager: | Michael W Doran |
Chairperson: | Joyce R Jones |
ASSETS: | $ Amount |
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Cash & Equivalents | 36,690,937 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 104,511,263 |
Unsecured Loans | 10,854,920 |
Other Loans | 95,468,796 |
TOTAL LOANS | 211,187,661 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,046,430 |
Land And Building | 4,562,727 |
Other Fixed Assets | 605,202 |
NCUSIF Deposit | 0 |
All Other Assets | 29,900 |
TOTAL ASSETS | 310,593,892 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 90,087 |
Notes & Interest Payable | 0 |
Accounts Payable & Other Liabilities | 3,251,163 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 60,318,831 |
Regular shares | 102,124,882 |
All Other Shares & Deposits | 100,706,214 |
TOTAL SHARES & DEPOSITS | 263,149,927 |
TOTAL LIABILITIES | 266,491,177 |
Regular Reserve | 0 |
Other Reserves | 6,626,863 |
Undivided Earnings | 37,475,852 |
TOTAL EQUITY | 44,102,715 |
TOTAL LIABILITIES, SHARES, & EQUITY | 310,593,892 |
INCOME & EXPENSE | |
Loan Income | 11,011,044 |
Investment Income | 1,394,827 |
Other Income | 2,915,302 |
Total Employee Compensation & Benefits | 6,163,568 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 6,152,559 |
Non-operating Income & (Expense) | 29,101 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 749,657 |
Cost of Funds | 1,188,248 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 3,541,760 |
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