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GENFED FINANCIAL CREDIT UNION

Jun, 30, 2021 — GENFED FINANCIAL CREDIT UNION is a non-federally insured state credit union headquartered in Akron, OH with 12 branch locations and about $298.60 million in total assets. Opened 84 years ago in 1937, GENFED FINANCIAL CREDIT UNION has about 23,819 members and employs 86 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
Address:
(Main Office)
2492 Wedgewood Dr, Suite G
Akron, OH 44312
Phone:(330) 734-0225
Fax:(330) 733-0042
Website:http://www.genfed.com
Branches:12 branch locations
Members:23,819
Credit Union Type:Non-Federally Insured State Credit Union
Charter Number:97106
Membership Type:State chartered natural person
Corporate Credit Union:No
Year Opened:1937
Last Audited:Dec 01, 2020
FHLB Member:Yes
Low Income Designation:No
Assets:$298,604,200
CEO/Manager:Michael W Doran
Chairperson:Nancy O Kroh

Call Report

  • Credit Builder
  • First Time Homebuyer Program
  • International Remittances
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 49,997,152
TOTAL INVESTMENTS 47,038,740
Loans Held for Sale 0
 
 Real Estate Loans 89,241,974
 Unsecured Loans 6,475,658
 Other Loans 69,025,454
 TOTAL LOANS 165,224,132
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -397,139
 Land And Building 5,169,749
 Other Fixed Assets 734,317
 NCUSIF Deposit 0
 All Other Assets 30,837,249
  TOTAL ASSETS 298,604,200
LIABILITIES & CAPITAL:  
 Dividends Payable 21,511
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 1,723,036
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 55,377,250
 Regular shares 106,048,559
 All Other Shares & Deposits 96,550,766
  TOTAL SHARES & DEPOSITS 257,976,575
  TOTAL LIABILITIES 259,721,122
 Regular Reserve 9,277,740
 Other Reserves -2,440,262
 Undivided Earnings 32,045,600
  TOTAL EQUITY 38,883,078
  TOTAL LIABILITIES, SHARES, & EQUITY 298,604,200
INCOME & EXPENSE  
 Loan Income 3,648,079
 Investment Income 199,320
 Other Income 1,154,126
 Total Employee Compensation & Benefits 2,524,676
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 2,754,429
 Non-operating Income & (Expense) 14,379
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense -43,448
 Cost of Funds 290,026
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 531,064
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