Citizens Equity First Credit Union
- Assets
- $7.7b
- Revenue
- $291.6m
- Investments
- $5.6m
- Employees
- 1,216
- Location
- Peoria, IL
- Founding
- 10/2001
- Data as of
- 12/2022
- EIN
- 37-6028123
Organization Overview
Citizens Equity First Credit Union is located in Peoria, IL. The organization was established in 2001. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2022, Citizens Equity First Credit Union employed 1,216 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Citizens Equity First Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2022, Citizens Equity First Credit Union generated $291.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.0% each year. All expenses for the organization totaled $244.8m during the year ending 12/2022. While expenses have increased by 2.8% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE QUALITY SERVICE AND PRODUCTS TO IMPROVE THE FINANCIAL WELL BEING OF MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INTRODUCED HYBRID HELOC, WHICH PROVIDES MEMBERS WITH A HOME EQUITY LINE OF CREDIT AT A VARIABLE RATE, WHILE ALLOWING THEM TO LOCK IN PORTIONS OF THEIR BALANCES AT FIXED RATES AND PAYMENTS. INTRODUCED THE CEFCU CASH BACK MASTERCARD, A CREDIT CARD PRODUCT THAT EARNS CASH BACK ON ALL ELIGIBLE PURCHASES.
CONTINUED TO PROVIDE A WIDE VARIETY OF SAVINGS PRODUCTS WITH LOW FEES AND COMPETITIVE RATES. PAID DIVIDENDS TOTALING 22% OF REVENUES INCLUDING A $35 MILLION EXTRAORDINARY DIVIDEND DIVIDED BETWEEN BORROWERS AND SAVERS.
PROVIDED A FULL RANGE OF MORTGAGE, CONSUMER, AND BUSINESS LOANS TO MEMBERS AND MEMBER OWNED BUSINESSES. GRANTED OVER $1.7 BILLION IN CONSUMER LOANS, OVER $458 MILLION IN MORTGAGE LOANS, AND OVER $257 MILLION TO MEMBER OWNED BUSINESSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Erec D Montgomery Vice Chairman | OfficerTrustee | 3 | $0 |
Kavita Sachdev Vice Chairman | OfficerTrustee | 3 | $3,047 |
Timothy R Brunton Board Member | Trustee | 3 | $2,695 |
Robert M Metzinger Board Member | Trustee | 3 | $597 |
Angel G Martinez Chairman | OfficerTrustee | 4 | $1,758 |
Eric J Rahn Board Member | Trustee | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Kelly Scott And Madison Marketing | 12/30/22 | $4,913,740 |
Q2 Software Inc Electronic Banking Solutions | 12/30/22 | $4,262,647 |
Quicksilver Mailing Services Mailing Services | 12/30/22 | $2,195,457 |
Levi Ray & Shoup Inc Technology Solutions | 12/30/22 | $1,716,704 |
Mega Services Inc Collection Recovery | 12/30/22 | $1,292,776 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $269,242,885 |
| Investment income | $18,333,864 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $743,214 |
| Net Gain/Loss on Asset Sales | $22,493 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $291,593,880 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,504,282 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $63,728,693 |
| Pension plan accruals and contributions | $7,962,502 |
| Other employee benefits | $10,461,568 |
| Payroll taxes | $4,954,462 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,656,969 |
| Fees for services: Accounting | $234,741 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $9,276,755 |
| Office expenses | $8,165,262 |
| Information technology | $5,506,865 |
| Royalties | $0 |
| Occupancy | $7,488,631 |
| Travel | $124,395 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $791,291 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,963,181 |
| Insurance | $1,242,772 |
| All other expenses | $24,204,552 |
| Total functional expenses | $244,775,584 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $94,597,427 |
| Savings and temporary cash investments | $186,240,926 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $9,028,783 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $5,477,746,619 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $6,603,634 |
| Net Land, buildings, and equipment | $78,244,106 |
| Investments—publicly traded securities | $1,706,170,781 |
| Investments—other securities | $5,595,000 |
| Investments—program-related | $0 |
| Intangible assets | $25,788,914 |
| Other assets | $92,710,788 |
| Total assets | $7,682,726,978 |
| Accounts payable and accrued expenses | $97,747,336 |
| Grants payable | $0 |
| Deferred revenue | $2,768,922 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $24,574,767 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $6,829,629,344 |
| Total liabilities | $6,954,720,369 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $728,006,609 |
| Total liabilities and net assets/fund balances | $7,682,726,978 |