Dec, 31, 2023 — DEPARTMENT OF COMMERCE FEDERAL CREDIT UNION is a federal credit union headquartered in WASHINGTON, DC with 3 branch locations and about $845.60 million in total assets. Opened 60 years ago in 1964, DEPARTMENT OF COMMERCE FEDERAL CREDIT UNION has about 29,909 members and employs 102 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | DEPARTMENT OF COMMERCE FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 1401 Constitution Ave NW Rm B-0038A WASHINGTON, DC 20230-0001 |
| Phone: | (202) 808-3600 |
| Fax: | (202) 482-4317 |
| Website: | https://www.docfcu.org |
| Branches: | 3 branch locations |
| Members: | 29,909 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 16410 |
|---|---|
| Membership Type: | Multiple common bond - Primarily federal, state, local government |
| Corporate Credit Union: | No |
| Year Opened: | 1964 |
| Last Audited: | Mar 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $845,599,864 |
| CEO/Manager: | Patrick T Collins |
| Chairperson: | Brian x Digiacomo |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 17,804,172 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 466,079,801 |
| Unsecured Loans | 151,652,584 |
| Other Loans | 132,655,749 |
| TOTAL LOANS | 750,388,134 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -9,619,052 |
| Land And Building | 0 |
| Other Fixed Assets | 1,369,729 |
| NCUSIF Deposit | 6,297,678 |
| All Other Assets | 0 |
| TOTAL ASSETS | 845,599,864 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | -2,400,000 |
| Accounts Payable & Other Liabilities | 21,714,650 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 8,400,000 |
| Share Drafts | 94,302,460 |
| Regular shares | 108,906,471 |
| All Other Shares & Deposits | 570,690,677 |
| TOTAL SHARES & DEPOSITS | 773,899,608 |
| TOTAL LIABILITIES | 801,614,258 |
| Regular Reserve | 0 |
| Other Reserves | -1,221,046 |
| Undivided Earnings | 45,206,652 |
| TOTAL EQUITY | 43,985,606 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 845,599,864 |
| INCOME & EXPENSE | |
| Loan Income | 39,651,103 |
| Investment Income | 2,839,268 |
| Other Income | 7,126,882 |
| Total Employee Compensation & Benefits | 14,409,948 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 17,555,693 |
| Non-operating Income & (Expense) | 1,500 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 11,274,999 |
| Cost of Funds | 20,094,833 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | -8,323,204 |
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