Dec, 31, 2023 — GALE CREDIT UNION is a federally insured state chartered credit union headquartered in GALESBURG, IL with 3 branch locations and about $56.77 million in total assets. Opened 77 years ago in 1947, GALE CREDIT UNION has about 5,134 members and employs 20 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | GALE CREDIT UNION |
---|---|
Address: (Main Office) | 631 N Henderson St GALESBURG, IL 61401 |
Phone: | (309) 343-1777 |
Fax: | (309) 343-2497 |
Website: | https://www.galecu.net |
Branches: | 3 branch locations |
Members: | 5,134 |
Credit Union Type: | Federally Insured State Chartered Credit Union |
Charter Number: | 60327 |
---|---|
Membership Type: | State chartered natural person |
Corporate Credit Union: | No |
Year Opened: | 1947 |
Last Audited: | Jun 01, 2023 |
FHLB Member: | No |
Low Income Designation: | No |
Assets: | $56,771,559 |
CEO/Manager: | Randy D McElwee |
Chairperson: | James McNabb |
ASSETS: | $ Amount |
---|---|
Cash & Equivalents | 3,827,896 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 9,794,400 |
Unsecured Loans | 2,423,044 |
Other Loans | 22,154,467 |
TOTAL LOANS | 34,371,911 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -239,552 |
Land And Building | 993,354 |
Other Fixed Assets | 108,648 |
NCUSIF Deposit | 462,445 |
All Other Assets | 0 |
TOTAL ASSETS | 56,771,559 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 147 |
Notes & Interest Payable | 0 |
Accounts Payable & Other Liabilities | 455,289 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 10,938,978 |
Regular shares | 23,675,655 |
All Other Shares & Deposits | 15,271,393 |
TOTAL SHARES & DEPOSITS | 49,886,026 |
TOTAL LIABILITIES | 50,341,462 |
Regular Reserve | 0 |
Other Reserves | 1,875,837 |
Undivided Earnings | 4,554,260 |
TOTAL EQUITY | 6,430,097 |
TOTAL LIABILITIES, SHARES, & EQUITY | 56,771,559 |
INCOME & EXPENSE | |
Loan Income | 1,773,489 |
Investment Income | 361,974 |
Other Income | 617,466 |
Total Employee Compensation & Benefits | 921,412 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 1,022,431 |
Non-operating Income & (Expense) | 5,841 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 35,000 |
Cost of Funds | 384,612 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 395,315 |
↑ Back to Top |