Dec, 31, 2023 — VERITAS FEDERAL CREDIT UNION is a federal credit union headquartered in SMYRNA, TN with 2 branch locations and about $52.21 million in total assets. Opened 51 years ago in 1973, VERITAS FEDERAL CREDIT UNION has about 5,155 members and employs 21 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | VERITAS FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 685 Ken Pilkerton Dr SMYRNA, TN 37167-3812 |
| Phone: | (615) 786-0452 |
| Fax: | (615) 288-5027 |
| Website: | https://www.veritasfcu.org |
| Branches: | 2 branch locations |
| Members: | 5,155 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 21354 |
|---|---|
| Membership Type: | Multiple common bond - Primarily transportation equipment |
| Corporate Credit Union: | No |
| Year Opened: | 1973 |
| Last Audited: | Mar 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $52,214,598 |
| CEO/Manager: | Teri Crowl |
| Chairperson: | Michelle Garcia |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 3,222,743 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 15,504,643 |
| Unsecured Loans | 9,125,905 |
| Other Loans | 15,293,960 |
| TOTAL LOANS | 39,924,508 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -303,013 |
| Land And Building | 4,147,771 |
| Other Fixed Assets | 502,248 |
| NCUSIF Deposit | 432,121 |
| All Other Assets | 0 |
| TOTAL ASSETS | 52,214,598 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 500,960 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 11,128,501 |
| Regular shares | 18,818,348 |
| All Other Shares & Deposits | 17,728,229 |
| TOTAL SHARES & DEPOSITS | 47,675,079 |
| TOTAL LIABILITIES | 48,176,039 |
| Regular Reserve | 0 |
| Other Reserves | -51,410 |
| Undivided Earnings | 4,089,969 |
| TOTAL EQUITY | 4,038,559 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 52,214,598 |
| INCOME & EXPENSE | |
| Loan Income | 2,474,046 |
| Investment Income | 177,514 |
| Other Income | 501,989 |
| Total Employee Compensation & Benefits | 1,470,297 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 1,426,915 |
| Non-operating Income & (Expense) | -2,513 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 239,529 |
| Cost of Funds | 458,480 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | -115,938 |
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