Citizens Equity First Credit Union
- Assets
- $7.7b
- Revenue
- $271.0m
- Investments
- $10.2m
- Employees
- 1,179
- Location
- Peoria, IL
- Founding
- 10/2001
- Data as of
- 12/2021
- 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 12/2021, Citizens Equity First Credit Union employed 1,179 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 12/2021, Citizens Equity First Credit Union generated $271.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.5% each year. All expenses for the organization totaled $222.1m during the year ending 12/2021. While expenses have increased by 1.7% per year over the past 7 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
2021
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
EXPANDED INTO THE METRO EAST AREA OF SOUTHERN ILLINOIS NEAR ST. LOUIS; THIS GREW THE AREA ELIGIBLE FOR CEFCU MEMBERSHIP BY 11 NEW COUNTIES AND ADDED FOUR MEMBER CENTERS WHICH ARE LOCATED IN COLUMBIA, EDWARDSVILLE, GODFREY, AND O'FALLON, ILLINOISOPENED THE RIVERMARK MEMBER CENTER IN SANTA CLARA, CALIFORNIA; THIS IS THE SIXTH BRANCH LOCATION IN THE CALIFORNIA MARKET.
CONTINUED TO PROVIDE A WIDE VARIETY OF SAVING PRODUCTS WITH LOW FEES AND COMPETITIVE RATES. ADDED OVER $571 MILLION OF SAVINGS DEPOSITS IN 2021. PAID DIVIDENDS TOTALING 19% OF REVENUES INCLUDING A $20 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 $1.5 BILLION IN CONSUMER LOANS, OVER $590 MILLION IN MORTGAGE LOANS, AND NEARLY $176 MILLION TO MEMBER OWNED BUSINESSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark A Spenny President-Treasurer | OfficerTrustee | 50 | $3,725,661 |
Matthew J Mamer Chief Operations Officer - Treasurer | OfficerTrustee | 50 | $446,779 |
Kevin D Schneider Chief Legal Counsel | Officer | 50 | $319,792 |
Timothy I Dunton Chief Technology Officer | Officer | 50 | $308,308 |
Mark A Hoffmire Senior Vice President | Officer | 50 | $285,954 |
Wyatt S Wolven Chief Financial Officer | Officer | 50 | $226,682 |
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 | $252,729,903 |
| Investment income | $12,256,221 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $951,373 |
| Net Gain/Loss on Asset Sales | $1,707,105 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $271,033,514 |
| 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. | $6,292,914 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $55,380,383 |
| Pension plan accruals and contributions | $13,576,704 |
| Other employee benefits | $10,376,798 |
| Payroll taxes | $5,230,760 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,275,352 |
| Fees for services: Accounting | $261,946 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $8,320,446 |
| Office expenses | $7,837,255 |
| Information technology | $5,091,465 |
| Royalties | $0 |
| Occupancy | $7,083,878 |
| Travel | $103,254 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $618,364 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,611,430 |
| Insurance | $1,185,880 |
| All other expenses | $21,213,764 |
| Total functional expenses | $222,097,963 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $80,553,407 |
| Savings and temporary cash investments | $570,049,445 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,237,652 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,907,242,791 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,124,949 |
| Net Land, buildings, and equipment | $81,467,711 |
| Investments—publicly traded securities | $1,953,992,746 |
| Investments—other securities | $10,207,000 |
| Investments—program-related | $0 |
| Intangible assets | $14,519,015 |
| Other assets | $86,891,990 |
| Total assets | $7,718,286,706 |
| Accounts payable and accrued expenses | $151,983,781 |
| Grants payable | $0 |
| Deferred revenue | $2,909,656 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $23,698,238 |
| 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 | $6,878,088,515 |
| Total liabilities | $7,056,680,190 |
| 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 | $661,606,516 |
| Total liabilities and net assets/fund balances | $7,718,286,706 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Baxter Credit Union Vernon Hills, IL | $5,751,484,149 | $350,442,030 |
Alliant Credit Union Chicago, IL | $15,151,012,308 | $528,339,563 |
Citizens Equity First Credit Union Peoria, IL | $7,718,286,706 | $271,033,514 |
GreenState Credit Union UNION North Liberty, IA | $9,006,590,517 | $418,753,010 |
Veridian Credit Union Waterloo, IA | $5,861,265,762 | $284,905,474 |
Teachers Credit Union South Bend, IN | $4,498,999,331 | $198,079,661 |
Consumers Cooperative Credit Union Gurnee, IL | $2,946,745,312 | $132,618,570 |
Ih Mississippi Valley Credit Union Moline, IL | $1,832,277,197 | $105,810,576 |
Commonwealth Credit Union Frankfort, KY | $1,891,090,350 | $88,350,902 |
Department Of Financial Institution Division Of Credit Unions In Ind Columbus, IN | $1,964,165,275 | $88,438,069 |
Forum Credit Union Indianapolis, IN | $1,879,317,913 | $93,129,055 |
Scott Credit Union Edwardsville, IL | $1,647,347,103 | $74,654,217 |