Dec, 31, 2023 — GENERAL ELECTRIC EMPLOYEES FEDERAL CREDIT UNION is a federal credit union headquartered in MILFORD, CT with 12 branch locations and about $263.30 million in total assets. Opened 84 years ago in 1940, GENERAL ELECTRIC EMPLOYEES FEDERAL CREDIT UNION has about 26,125 members and employs 58 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | GENERAL ELECTRIC EMPLOYEES FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 265 Sub Way MILFORD, CT 06461-3048 |
| Phone: | (203) 783-1103 |
| Fax: | (203) 783-1131 |
| Website: | https://www.mygecreditunion.com |
| Branches: | 12 branch locations |
| Members: | 26,125 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 4043 |
|---|---|
| Membership Type: | Multiple common bond - Primarily communications and utilities |
| Corporate Credit Union: | No |
| Year Opened: | 1940 |
| Last Audited: | Sep 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $263,296,351 |
| CEO/Manager: | Christopher Moran |
| Chairperson: | William E Ryan |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 28,253,380 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 87,338,356 |
| Unsecured Loans | 15,709,401 |
| Other Loans | 46,292,693 |
| TOTAL LOANS | 149,710,555 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -902,189 |
| Land And Building | 1,961,789 |
| Other Fixed Assets | 2,336,962 |
| NCUSIF Deposit | 2,313,850 |
| All Other Assets | 0 |
| TOTAL ASSETS | 263,296,351 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 1,308,603 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 1,427,150 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 50,305,299 |
| Regular shares | 107,135,115 |
| All Other Shares & Deposits | 85,560,026 |
| TOTAL SHARES & DEPOSITS | 243,000,440 |
| TOTAL LIABILITIES | 245,750,405 |
| Regular Reserve | 0 |
| Other Reserves | -398,389 |
| Undivided Earnings | 17,944,335 |
| TOTAL EQUITY | 17,545,946 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 263,296,351 |
| INCOME & EXPENSE | |
| Loan Income | 7,712,747 |
| Investment Income | 2,787,551 |
| Other Income | 1,994,837 |
| Total Employee Compensation & Benefits | 4,168,768 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 6,028,287 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 256,944 |
| Cost of Funds | 1,646,061 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,758,645 |
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