Dec, 31, 2023 — THE LOCAL FEDERAL CREDIT UNION is a federal credit union headquartered in DALLAS, TX with 1 branch location and about $25.96 million in total assets. Opened 47 years ago in 1977, THE LOCAL FEDERAL CREDIT UNION has about 4,602 members and employs 12 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | THE LOCAL FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 8787 N Stemmons Fwy Ste 185 DALLAS, TX 75247-3721 |
| Phone: | (214) 638-0404 |
| Fax: | (214) 638-0068 |
| Website: | https://www.thelocalfcu.com |
| Branches: | 1 branch locations |
| Members: | 4,602 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 22747 |
|---|---|
| Membership Type: | Multiple common bond - Primarily transportation |
| Corporate Credit Union: | No |
| Year Opened: | 1977 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $25,957,569 |
| CEO/Manager: | Jim Ratliff |
| Chairperson: | Ralph Compton |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 3,962,943 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 2,080,504 |
| Unsecured Loans | 3,301,328 |
| Other Loans | 16,387,751 |
| TOTAL LOANS | 21,769,583 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -182,684 |
| Land And Building | 0 |
| Other Fixed Assets | 8,034 |
| NCUSIF Deposit | 231,269 |
| All Other Assets | 0 |
| TOTAL ASSETS | 25,957,569 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 25,766 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 3,500,773 |
| Regular shares | 12,744,330 |
| All Other Shares & Deposits | 4,502,003 |
| TOTAL SHARES & DEPOSITS | 20,747,106 |
| TOTAL LIABILITIES | 20,772,872 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 5,184,697 |
| TOTAL EQUITY | 5,184,697 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 25,957,569 |
| INCOME & EXPENSE | |
| Loan Income | 1,934,610 |
| Investment Income | 240,353 |
| Other Income | 622,073 |
| Total Employee Compensation & Benefits | 1,473,291 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 965,461 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 235,617 |
| Cost of Funds | 65,618 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 238,824 |
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