Dec, 31, 2023 — SOUTH SHOP FEDERAL CREDIT UNION is a federal credit union headquartered in ALSIP, IL with 1 branch location and about $12.30 million in total assets. Opened 86 years ago in 1938, SOUTH SHOP FEDERAL CREDIT UNION has about 1,285 members and employs 4 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | SOUTH SHOP FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 3737 W 127TH ST ALSIP, IL 60803 |
| Phone: | (708) 925-9500 |
| Fax: | (773) 873-8334 |
| Website: | https://www.southshopfcu.org |
| Branches: | 1 branch locations |
| Members: | 1,285 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 2682 |
|---|---|
| Membership Type: | Multiple common bond - Primarily transportation |
| Corporate Credit Union: | No |
| Year Opened: | 1938 |
| Last Audited: | Mar 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $12,295,997 |
| CEO/Manager: | Frank LaCoco |
| Chairperson: | Timothy J Biocic |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 351,052 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 0 |
| Unsecured Loans | 1,584,975 |
| Other Loans | 3,239,252 |
| TOTAL LOANS | 4,824,227 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -104,494 |
| Land And Building | 0 |
| Other Fixed Assets | 2 |
| NCUSIF Deposit | 114,746 |
| All Other Assets | 0 |
| TOTAL ASSETS | 12,295,997 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 18,632 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 0 |
| Regular shares | 10,000,516 |
| All Other Shares & Deposits | 0 |
| TOTAL SHARES & DEPOSITS | 10,000,516 |
| TOTAL LIABILITIES | 10,019,148 |
| Regular Reserve | 0 |
| Other Reserves | 714,796 |
| Undivided Earnings | 1,562,053 |
| TOTAL EQUITY | 2,276,849 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 12,295,997 |
| INCOME & EXPENSE | |
| Loan Income | 341,363 |
| Investment Income | 145,715 |
| Other Income | 8,648 |
| Total Employee Compensation & Benefits | 207,394 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 132,323 |
| Non-operating Income & (Expense) | 849 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 28,000 |
| Cost of Funds | 79,206 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 49,652 |
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