Dec, 31, 2023 — FORTERA FEDERAL CREDIT UNION is a federal credit union headquartered in CLARKSVILLE, TN with 8 branch locations and about $875.52 million in total assets. Opened 70 years ago in 1954, FORTERA FEDERAL CREDIT UNION has about 78,130 members and employs 195 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | FORTERA FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 2050 Lowes Dr CLARKSVILLE, TN 37040-1620 |
| Phone: | (931) 431-6800 |
| Fax: | (931) 431-4387 |
| Website: | https://forteracu.com |
| Branches: | 8 branch locations |
| Members: | 78,130 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 9759 |
|---|---|
| Membership Type: | Multiple common bond - other |
| Corporate Credit Union: | No |
| Year Opened: | 1954 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $875,517,151 |
| CEO/Manager: | Jennifer Ventimiglia |
| Chairperson: | Rick Hackwell |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 98,930,689 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 329,973,157 |
| Unsecured Loans | 54,339,463 |
| Other Loans | 280,458,944 |
| TOTAL LOANS | 664,771,564 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -6,224,443 |
| Land And Building | 14,636,527 |
| Other Fixed Assets | 5,283,994 |
| NCUSIF Deposit | 6,489,262 |
| All Other Assets | 837,966 |
| TOTAL ASSETS | 875,517,151 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 1,895,342 |
| Notes & Interest Payable | 70,000,000 |
| Accounts Payable & Other Liabilities | 13,781,542 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 160,789,888 |
| Regular shares | 171,082,989 |
| All Other Shares & Deposits | 362,918,813 |
| TOTAL SHARES & DEPOSITS | 694,791,690 |
| TOTAL LIABILITIES | 780,850,020 |
| Regular Reserve | 0 |
| Other Reserves | -2,106,718 |
| Undivided Earnings | 96,773,849 |
| TOTAL EQUITY | 94,667,131 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 875,517,151 |
| INCOME & EXPENSE | |
| Loan Income | 38,518,355 |
| Investment Income | 4,445,250 |
| Other Income | 7,888,369 |
| Total Employee Compensation & Benefits | 19,867,199 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 19,431,412 |
| Non-operating Income & (Expense) | 799,940 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 4,007,327 |
| Cost of Funds | 11,626,599 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 4,168,511 |
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