Dec, 31, 2023 — SIMPLICITY CREDIT UNION is a federally insured state chartered credit union headquartered in MARSHFIELD, WI with 6 branch locations and about $461.12 million in total assets. Opened 75 years ago in 1949, SIMPLICITY CREDIT UNION has about 27,585 members and employs 118 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | SIMPLICITY CREDIT UNION |
|---|---|
| Address: (Main Office) | 222 E Upham St MARSHFIELD, WI 54449-1543 |
| Phone: | (715) 387-3702 |
| Fax: | (715) 387-3746 |
| Website: | https://www.simplicity.coop |
| Branches: | 6 branch locations |
| Members: | 27,585 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 66678 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1949 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $461,117,108 |
| CEO/Manager: | Nicholas J Faber |
| Chairperson: | Mark Page |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 15,771,422 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 180,000 |
| Real Estate Loans | 216,773,576 |
| Unsecured Loans | 15,558,824 |
| Other Loans | 137,743,009 |
| TOTAL LOANS | 375,007,300 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,535,390 |
| Land And Building | 8,975,379 |
| Other Fixed Assets | 1,050,144 |
| NCUSIF Deposit | 3,670,915 |
| All Other Assets | 37,838 |
| TOTAL ASSETS | 461,117,108 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 3,928 |
| Notes & Interest Payable | 20,000,000 |
| Accounts Payable & Other Liabilities | 6,539,999 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 77,037,950 |
| Regular shares | 142,123,313 |
| All Other Shares & Deposits | 173,054,597 |
| TOTAL SHARES & DEPOSITS | 392,215,859 |
| TOTAL LIABILITIES | 418,759,786 |
| Regular Reserve | 0 |
| Other Reserves | 1,534,627 |
| Undivided Earnings | 40,822,695 |
| TOTAL EQUITY | 42,357,322 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 461,117,108 |
| INCOME & EXPENSE | |
| Loan Income | 16,519,656 |
| Investment Income | 4,528,911 |
| Other Income | 1,067,782 |
| Total Employee Compensation & Benefits | 8,841,376 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 7,246,649 |
| Non-operating Income & (Expense) | 29,856 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 750,000 |
| Cost of Funds | 6,235,738 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 3,405,417 |
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