Dec, 31, 2023 — GALESBURG BURLINGTON CREDIT UNION is a federally insured state chartered credit union headquartered in GALESBURG, IL with 1 branch location and about $49.07 million in total assets. Opened 87 years ago in 1937, GALESBURG BURLINGTON CREDIT UNION has about 3,321 members and employs 6 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | GALESBURG BURLINGTON CREDIT UNION |
|---|---|
| Address: (Main Office) | 476 E South St GALESBURG, IL 61401 |
| Phone: | (309) 342-1775 |
| Fax: | (309) 342-9213 |
| Website: | https://www.gbcu.net |
| Branches: | 1 branch locations |
| Members: | 3,321 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 65712 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1937 |
| Last Audited: | Sep 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $49,067,463 |
| CEO/Manager: | Brad A Gummerson |
| Chairperson: | Steven K Specht |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 3,496,766 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 746,277 |
| Unsecured Loans | 4,406,835 |
| Other Loans | 23,508,012 |
| TOTAL LOANS | 28,661,125 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -206,813 |
| Land And Building | 89,010 |
| Other Fixed Assets | 123,771 |
| NCUSIF Deposit | 337,156 |
| All Other Assets | 0 |
| TOTAL ASSETS | 49,067,463 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 65,025 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 81,151 |
| Regular shares | 32,147,331 |
| All Other Shares & Deposits | 2,262,645 |
| TOTAL SHARES & DEPOSITS | 34,491,127 |
| TOTAL LIABILITIES | 34,556,152 |
| Regular Reserve | 0 |
| Other Reserves | 670,722 |
| Undivided Earnings | 13,840,589 |
| TOTAL EQUITY | 14,511,311 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 49,067,463 |
| INCOME & EXPENSE | |
| Loan Income | 1,542,664 |
| Investment Income | 425,840 |
| Other Income | 3,145 |
| Total Employee Compensation & Benefits | 383,459 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 551,956 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 112,009 |
| Cost of Funds | 399,358 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 679,723 |
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