Dec, 31, 2023 — CORNERSTONE COMMUNITY FEDERAL CREDIT UNION is a federal credit union headquartered in LOCKPORT, NY with 7 branch locations and about $608.15 million in total assets. Opened 67 years ago in 1957, CORNERSTONE COMMUNITY FEDERAL CREDIT UNION has about 43,314 members and employs 142 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | CORNERSTONE COMMUNITY FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 6485 S Transit Rd LOCKPORT, NY 14094-6331 |
| Phone: | (716) 434-2290 |
| Fax: | (716) 434-8297 |
| Website: | https://cornerstonecommunityfcu.org |
| Branches: | 7 branch locations |
| Members: | 43,314 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 11723 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1957 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $608,147,303 |
| CEO/Manager: | Eric Hepkins |
| Chairperson: | David M Nemi |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 19,264,520 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 236,584,668 |
| Unsecured Loans | 32,650,546 |
| Other Loans | 114,661,203 |
| TOTAL LOANS | 383,902,750 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -2,445,403 |
| Land And Building | 15,327,751 |
| Other Fixed Assets | 712,652 |
| NCUSIF Deposit | 5,251,492 |
| All Other Assets | 82,604 |
| TOTAL ASSETS | 608,147,303 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 141,903 |
| Notes & Interest Payable | 18,870,164 |
| Accounts Payable & Other Liabilities | 3,649,068 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 110,691,062 |
| Regular shares | 285,495,884 |
| All Other Shares & Deposits | 162,097,749 |
| TOTAL SHARES & DEPOSITS | 558,284,694 |
| TOTAL LIABILITIES | 580,960,829 |
| Regular Reserve | 0 |
| Other Reserves | -14,747,365 |
| Undivided Earnings | 41,933,839 |
| TOTAL EQUITY | 27,186,474 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 608,147,303 |
| INCOME & EXPENSE | |
| Loan Income | 17,663,698 |
| Investment Income | 3,572,588 |
| Other Income | 3,233,390 |
| Total Employee Compensation & Benefits | 12,202,671 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 9,486,399 |
| Non-operating Income & (Expense) | 1,417 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 871,300 |
| Cost of Funds | 1,877,586 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 3,845,780 |
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