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National Credit Union Service Organization

OLEAN AREA FEDERAL CREDIT UNION

Dec, 31, 2023 — OLEAN AREA FEDERAL CREDIT UNION is a federal credit union headquartered in OLEAN, NY with 5 branch locations and about $406.09 million in total assets. Opened 52 years ago in 1972, OLEAN AREA FEDERAL CREDIT UNION has about 20,245 members and employs 84 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


ABA Routing Number: 222381824
Name:OLEAN AREA FEDERAL CREDIT UNION
Address:
(Main Office)
234 Homer St
OLEAN, NY 14760
Phone:(716) 372-6607
Fax:
Website:https://highpointfcu.com
Branches:5 branch locations
Members:20,245
Credit Union Type:Federal Credit Union
Charter Number:21083
Membership Type:Community credit unions, urban or rural, other than those designated 'low income'
Corporate Credit Union:No
Year Opened:1972
Last Audited:Sep 01, 2023
FHLB Member:Yes
Low Income Designation:No
Assets:$406,094,724
CEO/Manager:Richard A Yeager
Chairperson:Michele A Pancio

Call Report

  • First Time Homebuyer Program
  • International Remittances
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 19,844,516
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 75,518,544
 Unsecured Loans 19,382,296
 Other Loans 99,063,745
 TOTAL LOANS 194,225,045
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -2,232,669
 Land And Building 9,028,909
 Other Fixed Assets 1,137,761
 NCUSIF Deposit 3,322,039
 All Other Assets 0
  TOTAL ASSETS 406,094,724
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 5,000,000
 Accounts Payable & Other Liabilities 3,255,138
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 69,399,853
 Regular shares 124,042,670
 All Other Shares & Deposits 167,338,710
  TOTAL SHARES & DEPOSITS 360,781,232
  TOTAL LIABILITIES 369,036,370
 Regular Reserve 0
 Other Reserves -18,449,058
 Undivided Earnings 55,507,412
  TOTAL EQUITY 37,058,354
  TOTAL LIABILITIES, SHARES, & EQUITY 406,094,724
INCOME & EXPENSE  
 Loan Income 10,379,201
 Investment Income 3,582,277
 Other Income 1,527,389
 Total Employee Compensation & Benefits 5,736,291
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 6,294,693
 Non-operating Income & (Expense) -15,683
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense -235,500
 Cost of Funds 4,014,509
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 1,596,856
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