Dec, 31, 2023 — NIZARI PROGRESSIVE FEDERAL CREDIT UNION is a federal credit union headquartered in SUGAR LAND, TX with 4 branch locations and about $359.05 million in total assets. Opened 35 years ago in 1989, NIZARI PROGRESSIVE FEDERAL CREDIT UNION has about 17,132 members and employs 58 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | NIZARI PROGRESSIVE FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 14090 Southwest Fwy Ste 260 SUGAR LAND, TX 77478-3678 |
| Phone: | (281) 921-8520 |
| Fax: | (281) 921-8555 |
| Website: | https://www.nizaricu.org |
| Branches: | 4 branch locations |
| Members: | 17,132 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 24384 |
|---|---|
| Membership Type: | Associational - Religious, other than those designated 'low-income' |
| Corporate Credit Union: | No |
| Year Opened: | 1989 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $359,046,259 |
| CEO/Manager: | Malik G Jamal |
| Chairperson: | Malik Jamal |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 27,024,830 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 135,704,180 |
| Unsecured Loans | 41,369,936 |
| Other Loans | 84,339,443 |
| TOTAL LOANS | 261,413,559 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,081,608 |
| Land And Building | 4,860,952 |
| Other Fixed Assets | 133,919 |
| NCUSIF Deposit | 2,326,863 |
| All Other Assets | 0 |
| TOTAL ASSETS | 359,046,259 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 37,450,000 |
| Accounts Payable & Other Liabilities | 3,192,126 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 67,377,146 |
| Regular shares | 101,262,424 |
| All Other Shares & Deposits | 119,927,281 |
| TOTAL SHARES & DEPOSITS | 288,566,851 |
| TOTAL LIABILITIES | 329,208,977 |
| Regular Reserve | 0 |
| Other Reserves | 1,448,745 |
| Undivided Earnings | 28,388,537 |
| TOTAL EQUITY | 29,837,282 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 359,046,259 |
| INCOME & EXPENSE | |
| Loan Income | 10,646,561 |
| Investment Income | 3,151,489 |
| Other Income | 3,020,200 |
| Total Employee Compensation & Benefits | 4,336,618 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 2,993,587 |
| Non-operating Income & (Expense) | -130 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 50,004 |
| Cost of Funds | 5,692,721 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 3,819,461 |
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