Dec, 31, 2023 — SCIENT FEDERAL CREDIT UNION is a federal credit union headquartered in GROTON, CT with 4 branch locations and about $355.69 million in total assets. Opened 41 years ago in 1983, SCIENT FEDERAL CREDIT UNION has about 19,537 members and employs 50 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | SCIENT FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 60 Colver Ave GROTON, CT 06340-3808 |
| Phone: | (860) 445-1060 |
| Fax: | (860) 448-2101 |
| Website: | https://www.scientfcu.org |
| Branches: | 4 branch locations |
| Members: | 19,537 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 24029 |
|---|---|
| Membership Type: | Multiple common bond - Primarily other manufacturing |
| Corporate Credit Union: | No |
| Year Opened: | 1983 |
| Last Audited: | Jun 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $355,693,122 |
| CEO/Manager: | Chris A Maynard |
| Chairperson: | Karen M Walters |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 18,679,588 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 133,943,824 |
| Unsecured Loans | 12,560,219 |
| Other Loans | 151,147,599 |
| TOTAL LOANS | 297,651,636 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -2,673,057 |
| Land And Building | 2,250,229 |
| Other Fixed Assets | 585,074 |
| NCUSIF Deposit | 2,476,402 |
| All Other Assets | 26,000 |
| TOTAL ASSETS | 355,693,122 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 44,057 |
| Notes & Interest Payable | 43,000,000 |
| Accounts Payable & Other Liabilities | 4,119,503 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 48,823,292 |
| Regular shares | 60,313,627 |
| All Other Shares & Deposits | 172,486,166 |
| TOTAL SHARES & DEPOSITS | 281,623,085 |
| TOTAL LIABILITIES | 328,786,645 |
| Regular Reserve | 0 |
| Other Reserves | -3,356,070 |
| Undivided Earnings | 30,262,547 |
| TOTAL EQUITY | 26,906,477 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 355,693,122 |
| INCOME & EXPENSE | |
| Loan Income | 12,000,620 |
| Investment Income | 1,121,171 |
| Other Income | 995,753 |
| Total Employee Compensation & Benefits | 4,567,053 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 4,149,718 |
| Non-operating Income & (Expense) | 103,236 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 855,601 |
| Cost of Funds | 5,585,974 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,510,602 |
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