Dec, 31, 2023 — SECURED ADVANTAGE FEDERAL CREDIT UNION is a federal credit union headquartered in SIMPSONVILLE, SC with 2 branch locations and about $63.70 million in total assets. Opened 65 years ago in 1959, SECURED ADVANTAGE FEDERAL CREDIT UNION has about 7,396 members and employs 14 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | SECURED ADVANTAGE FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 116 NE Main St SIMPSONVILLE, SC 29681-2656 |
| Phone: | (800) 468-5153 |
| Fax: | (864) 967-1495 |
| Website: | https://www.securedadvantagefcu.com |
| Branches: | 2 branch locations |
| Members: | 7,396 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 12877 |
|---|---|
| Membership Type: | Multiple common bond - other |
| Corporate Credit Union: | No |
| Year Opened: | 1959 |
| Last Audited: | Jun 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $63,698,737 |
| CEO/Manager: | Michal Parker |
| Chairperson: | David Wamer |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 4,396,230 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 5,880,442 |
| Unsecured Loans | 7,092,148 |
| Other Loans | 22,309,892 |
| TOTAL LOANS | 35,282,482 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -467,229 |
| Land And Building | 1,650,827 |
| Other Fixed Assets | 64,657 |
| NCUSIF Deposit | 646,380 |
| All Other Assets | 98,418 |
| TOTAL ASSETS | 63,698,737 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 24,503 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 68,453 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 7,964,132 |
| Regular shares | 21,454,194 |
| All Other Shares & Deposits | 26,569,312 |
| TOTAL SHARES & DEPOSITS | 55,987,637 |
| TOTAL LIABILITIES | 56,080,593 |
| Regular Reserve | 0 |
| Other Reserves | 2,004,948 |
| Undivided Earnings | 5,613,196 |
| TOTAL EQUITY | 7,618,144 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 63,698,737 |
| INCOME & EXPENSE | |
| Loan Income | 2,166,619 |
| Investment Income | 563,909 |
| Other Income | 537,976 |
| Total Employee Compensation & Benefits | 1,220,705 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 1,904,914 |
| Non-operating Income & (Expense) | 177,712 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 208,500 |
| Cost of Funds | 224,280 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 201,835 |
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