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 |
|---|---|
| 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 |
|---|---|
| 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 |
|---|---|
| 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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