Dec, 31, 2023 — TOWER FEDERAL CREDIT UNION is a federal credit union headquartered in LAUREL, MD with 18 branch locations and about $4.45 billion in total assets. Opened 71 years ago in 1953, TOWER FEDERAL CREDIT UNION has about 222,061 members and employs 602 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | TOWER FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 7901 Sandy Spring Rd LAUREL, MD 20707 |
| Phone: | (301) 497-7000 |
| Fax: | (301) 497-8933 |
| Website: | https://towerfcu.org |
| Branches: | 18 branch locations |
| Members: | 222,061 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 8333 |
|---|---|
| Membership Type: | Multiple common bond - Primarily federal, state, local government |
| Corporate Credit Union: | No |
| Year Opened: | 1953 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $4,451,861,578 |
| CEO/Manager: | Richard W Stafford |
| Chairperson: | Arland A White, Jr |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 527,274,472 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 2,282,081 |
| Real Estate Loans | 2,235,385,966 |
| Unsecured Loans | 230,229,818 |
| Other Loans | 813,447,834 |
| TOTAL LOANS | 3,279,063,618 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -33,922,091 |
| Land And Building | 31,883,104 |
| Other Fixed Assets | 13,860,457 |
| NCUSIF Deposit | 33,696,779 |
| All Other Assets | 1,412,653 |
| TOTAL ASSETS | 4,451,861,578 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 2,620,467 |
| Notes & Interest Payable | 200,000,000 |
| Accounts Payable & Other Liabilities | 31,977,162 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 654,292,704 |
| Regular shares | 1,790,004,834 |
| All Other Shares & Deposits | 1,290,149,879 |
| TOTAL SHARES & DEPOSITS | 3,734,447,416 |
| TOTAL LIABILITIES | 3,969,045,045 |
| Regular Reserve | 0 |
| Other Reserves | -82,627,068 |
| Undivided Earnings | 565,443,601 |
| TOTAL EQUITY | 482,816,533 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 4,451,861,578 |
| INCOME & EXPENSE | |
| Loan Income | 167,411,470 |
| Investment Income | 27,547,073 |
| Other Income | 11,747,143 |
| Total Employee Compensation & Benefits | 67,506,648 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 45,225,762 |
| Non-operating Income & (Expense) | -78,851 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 3,926,195 |
| Cost of Funds | 56,282,324 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 50,641,901 |
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