Dec, 31, 2023 — SECTION 705 FEDERAL CREDIT UNION is a federal credit union headquartered in LAFAYETTE, LA with 1 branch location and about $43.77 million in total assets. Opened 56 years ago in 1968, SECTION 705 FEDERAL CREDIT UNION has about 3,660 members and employs 15 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | SECTION 705 FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 1455 W Willow St LAFAYETTE, LA 70506-1026 |
| Phone: | (337) 232-8450 |
| Fax: | (337) 232-2786 |
| Website: | https://www.705fcu.com |
| Branches: | 1 branch locations |
| Members: | 3,660 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 18749 |
|---|---|
| Membership Type: | Multiple common bond - Primarily federal, state, local government |
| Corporate Credit Union: | No |
| Year Opened: | 1968 |
| Last Audited: | Aug 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $43,766,397 |
| CEO/Manager: | Cassie R Theriot |
| Chairperson: | Ronald Girouard |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 1,111,966 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 9,337,628 |
| Unsecured Loans | 4,656,712 |
| Other Loans | 19,774,457 |
| TOTAL LOANS | 33,768,797 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -171,118 |
| Land And Building | 2,849,215 |
| Other Fixed Assets | 25,717 |
| NCUSIF Deposit | 356,375 |
| All Other Assets | 0 |
| TOTAL ASSETS | 43,766,397 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 39,396 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 385,198 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 4,527,012 |
| Regular shares | 16,765,512 |
| All Other Shares & Deposits | 17,963,846 |
| TOTAL SHARES & DEPOSITS | 39,256,371 |
| TOTAL LIABILITIES | 39,680,965 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 4,085,432 |
| TOTAL EQUITY | 4,085,432 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 43,766,397 |
| INCOME & EXPENSE | |
| Loan Income | 1,784,182 |
| Investment Income | 143,152 |
| Other Income | 320,547 |
| Total Employee Compensation & Benefits | 921,371 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 1,090,383 |
| Non-operating Income & (Expense) | 104,382 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 143,941 |
| Cost of Funds | 395,432 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 76,089 |
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