Dec, 31, 2023 — ELEMENT FEDERAL CREDIT UNION is a federal credit union headquartered in CHARLESTON, WV with 3 branch locations and about $59.82 million in total assets. Opened 46 years ago in 1978, ELEMENT FEDERAL CREDIT UNION has about 4,498 members and employs 19 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | ELEMENT FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 3418 MacCorkle Ave SE CHARLESTON, WV 25304 |
| Phone: | (304) 721-4145 |
| Fax: | (304) 342-3147 |
| Website: | https://www.elementfcu.org |
| Branches: | 3 branch locations |
| Members: | 4,498 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 23162 |
|---|---|
| Membership Type: | Multiple common bond - Primarily federal, state, local government |
| Corporate Credit Union: | No |
| Year Opened: | 1978 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $59,823,684 |
| CEO/Manager: | Linda Bodie |
| Chairperson: | Stephan Looney |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 8,537,679 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 6,189,858 |
| Unsecured Loans | 3,650,513 |
| Other Loans | 24,078,611 |
| TOTAL LOANS | 33,918,982 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -534,851 |
| Land And Building | 429,663 |
| Other Fixed Assets | 3,418,603 |
| NCUSIF Deposit | 326,777 |
| All Other Assets | 32,394 |
| TOTAL ASSETS | 59,823,684 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 240,856 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 24,187,588 |
| Regular shares | 12,969,842 |
| All Other Shares & Deposits | 14,825,645 |
| TOTAL SHARES & DEPOSITS | 51,983,075 |
| TOTAL LIABILITIES | 52,223,931 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 7,599,753 |
| TOTAL EQUITY | 7,599,753 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 59,823,684 |
| INCOME & EXPENSE | |
| Loan Income | 2,514,155 |
| Investment Income | 640,917 |
| Other Income | 1,117,080 |
| Total Employee Compensation & Benefits | 1,038,329 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 1,767,959 |
| Non-operating Income & (Expense) | 449,792 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 90,000 |
| Cost of Funds | 390,723 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,467,894 |
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