Dec, 31, 2023 — I B E W LOCAL 56 FEDERAL CREDIT UNION is a federal credit union headquartered in ERIE, PA with 1 branch location and about $10.81 million in total assets. Opened 63 years ago in 1961, I B E W LOCAL 56 FEDERAL CREDIT UNION has about 1,614 members and employs 3 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | I B E W LOCAL 56 FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 962 W 20TH ST ERIE, PA 16502-2401 |
| Phone: | (814) 455-2270 |
| Fax: | (814) 455-4307 |
| Website: | https://ibew56fcu.org |
| Branches: | 1 branch locations |
| Members: | 1,614 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 14247 |
|---|---|
| Membership Type: | Multiple common bond - Primarily finance, insurance, real estate, trade |
| Corporate Credit Union: | No |
| Year Opened: | 1961 |
| Last Audited: | Jun 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $10,809,466 |
| CEO/Manager: | Charlene M Hedderick |
| Chairperson: | Christian M Kossbiel |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 1,081,518 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 1,037,176 |
| Unsecured Loans | 229,578 |
| Other Loans | 3,499,489 |
| TOTAL LOANS | 4,766,243 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -30,483 |
| Land And Building | 17,849 |
| Other Fixed Assets | 12,913 |
| NCUSIF Deposit | 105,333 |
| All Other Assets | 0 |
| TOTAL ASSETS | 10,809,466 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 4,107 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 18,680 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 1,348,380 |
| Regular shares | 7,281,698 |
| All Other Shares & Deposits | 1,154,318 |
| TOTAL SHARES & DEPOSITS | 9,784,396 |
| TOTAL LIABILITIES | 9,807,183 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 1,002,283 |
| TOTAL EQUITY | 1,002,283 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 10,809,466 |
| INCOME & EXPENSE | |
| Loan Income | 237,284 |
| Investment Income | 178,761 |
| Other Income | 32,222 |
| Total Employee Compensation & Benefits | 113,378 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 163,208 |
| Non-operating Income & (Expense) | 3,720 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 28,744 |
| Cost of Funds | 20,145 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 131,561 |
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