Dec, 31, 2023 — WELLSPRING FEDERAL CREDIT UNION is a federal credit union headquartered in BRIDGE CITY, TX with 5 branch locations and about $81.21 million in total assets. Opened 66 years ago in 1958, WELLSPRING FEDERAL CREDIT UNION has about 8,439 members and employs 29 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | WELLSPRING FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 150 E Round Bunch Rd BRIDGE CITY, TX 77611-3720 |
| Phone: | (409) 697-2461 |
| Fax: | (409) 697-1538 |
| Website: | https://www.wellspringcu.com |
| Branches: | 5 branch locations |
| Members: | 8,439 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 12181 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1958 |
| Last Audited: | Sep 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $81,210,656 |
| CEO/Manager: | David L Meaux |
| Chairperson: | Stephen Gault |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 6,211,503 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 3,811,085 |
| Unsecured Loans | 9,694,485 |
| Other Loans | 54,351,951 |
| TOTAL LOANS | 67,857,523 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -368,995 |
| Land And Building | 2,856,381 |
| Other Fixed Assets | 228,061 |
| NCUSIF Deposit | 696,432 |
| All Other Assets | 0 |
| TOTAL ASSETS | 81,210,656 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 1,406,837 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 16,202,271 |
| Regular shares | 36,449,519 |
| All Other Shares & Deposits | 20,170,344 |
| TOTAL SHARES & DEPOSITS | 72,822,134 |
| TOTAL LIABILITIES | 74,228,971 |
| Regular Reserve | 0 |
| Other Reserves | 823,972 |
| Undivided Earnings | 6,157,713 |
| TOTAL EQUITY | 6,981,685 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 81,210,656 |
| INCOME & EXPENSE | |
| Loan Income | 3,812,412 |
| Investment Income | 158,565 |
| Other Income | 647,633 |
| Total Employee Compensation & Benefits | 1,668,817 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 2,909,515 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 574,790 |
| Cost of Funds | 544,501 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 298,234 |
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