Dec, 31, 2023 — THE ATLANTIC FEDERAL CREDIT UNION is a federal credit union headquartered in SPRINGFIELD, NJ with 2 branch locations and about $244.28 million in total assets. Opened 89 years ago in 1935, THE ATLANTIC FEDERAL CREDIT UNION has about 16,370 members and employs 44 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | THE ATLANTIC FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 2 Edison Pl SPRINGFIELD, NJ 07081 |
| Phone: | (908) 245-1750 |
| Fax: | |
| Website: | https://web.atlfedcu.com |
| Branches: | 2 branch locations |
| Members: | 16,370 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 477 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1935 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $244,275,482 |
| CEO/Manager: | Anthony Mero |
| Chairperson: | Michael Locurcio |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 8,700,357 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 83,402,899 |
| Unsecured Loans | 88,083,948 |
| Other Loans | 18,226,202 |
| TOTAL LOANS | 189,713,049 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -2,029,349 |
| Land And Building | 8,014,194 |
| Other Fixed Assets | 1,060,437 |
| NCUSIF Deposit | 2,100,958 |
| All Other Assets | 0 |
| TOTAL ASSETS | 244,275,482 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 2,113,007 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 23,042,234 |
| Regular shares | 94,557,639 |
| All Other Shares & Deposits | 92,533,404 |
| TOTAL SHARES & DEPOSITS | 210,133,277 |
| TOTAL LIABILITIES | 212,246,284 |
| Regular Reserve | 0 |
| Other Reserves | -1,920,481 |
| Undivided Earnings | 33,949,679 |
| TOTAL EQUITY | 32,029,198 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 244,275,482 |
| INCOME & EXPENSE | |
| Loan Income | 11,009,662 |
| Investment Income | 1,520,861 |
| Other Income | 666,996 |
| Total Employee Compensation & Benefits | 4,000,452 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 5,086,569 |
| Non-operating Income & (Expense) | 177,741 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 1,375,593 |
| Cost of Funds | 3,649,918 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 202,051 |
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