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GALE CREDIT UNION

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

Call Report

  • International Remittances
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
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
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