First Commerce Credit Union
- Assets
- $972.7m
- Revenue
- $46.9m
- Investments
- $2.6m
- Employees
- 305
- Location
- Tallahassee, FL
- Founding
- 02/1972
- Data as of
- 12/2021
- EIN
- 59-0687423
Organization Overview
First Commerce Credit Union is located in Tallahassee, FL. The organization was established in 1972. 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, First Commerce Credit Union employed 305 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. First Commerce 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, First Commerce Credit Union generated $46.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.0% each year. All expenses for the organization totaled $39.4m during the year ending 12/2021. While expenses have increased by 6.7% 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
TO PROVIDE SERVICES AND EDUCATION TO MEMBERS IN THE FRAMEWORK OF A FINANCIAL COOPERATIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TALLAHASSEE'S #1 AUTO LENDING PROGRAM FOR OVER A DECADE. FIRST COMMERCE HAS EARNED THE TITLE OF TALLAHASSEE'S NUMBER ONE AUTO LENDER YEAR AFTER YEAR. THIS TITLE HAS BEEN CONSISTENTLY EARNED BECAUSE THE CREDIT UNION OFFERS A RANGE OF AUTO LOAN CHOICES FOR ALMOST EVERY BUDGET AND CREDIT LEVEL. FIRST COMMERCE'S FLEXIBLE TERMS AND COMPETITIVE RATES ALLOW MEMBERS TO PURCHASE THE VEHICLE THEY NEED AT A MONTHLY PAYMENT THEY CAN AFFORD.
FCCU OFFERS A FULL RANGE OF FINANCIAL PRODUCTS FOR BUSINESSES. THEY INCLUDE LENDING FOR OPERATING EXPENSES, EQUIPMENT, INVENTORY, REAL ESTATE, AND OTHER NEEDS AS WELL AS BUSINESS CREDIT CARD OFFERINGS. DEPOSIT PRODUCTS FROM BASIC BUSINESS CHECKING TO A FULL SUITE OF TREASURY SERVICES ARE ALSO AVAILABLE. FCCU INCORPORATES INTEREST BEARING ACCOUNTS, TIME DEPOSITS, FUNDS TRANSFER, AND DIGITAL AND REMOTE BUSINESS SERVICES.
FIRST COMMERCE CREDIT UNION OFFERS A WIDE ARRAY OF ELECTRONIC SERVICES TO MEMBERS. ALMOST 44,000 MEMBERS UTILIZE DIGITAL BANKING TO KEEP TRACK OF THEIR ACCOUNTS, MAKE TRANSFERS, MAKE MOBILE DEPOSITS AND PAY BILLS. FCCU'S BILL PAY OFFERS SAME DAY BILL PAY AND OVERNIGHT CHECK OPTIONS TO PROVIDE MEMBERS FLEXIBILITY IN HOW THEY MAKE THEIR PAYMENTS. PERSON-TO-PERSON PAYMENTS AND ACCOUNT-TO-ACCOUNT TRANSFERS PROVIDE MEMBERS CONVENIENT OPTIONS IN MOVING THEIR FUNDS. OVER HALF OF OUR ACTIVE ONLINE BANKING USERS HAVE ENROLLED IN MOBILE BANKING. FCCU PRESENTS MEMBERS AND NON-MEMBERS WITH ONLINE OPTIONS TO OPEN AN ACCOUNT; APPLY FOR AUTO OR PERSONAL LOANS; AND APPLY FOR A MORTGAGE.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cecilia D Homison CEO | Officer | 40 | $539,919 |
Mary B Estes Executive Vice President | Officer | 40 | $384,343 |
Dennis G Adams Evp/cfo | Officer | 40 | $294,237 |
Barbara Williams-Anderson Mortgage Loan Originator | 40 | $275,442 | |
Stephen Parker Mortgage Loan Originator | 40 | $244,924 | |
Donald Peaks Chief Lending & Wealth Off | Officer | 40 | $241,761 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Debit Card Processor/drive Atms | 12/30/21 | $1,080,535 |
Q2 Software Inc Online Banking Provider | 12/30/21 | $708,328 |
Jack Henry & Associates Core Processor | 12/30/21 | $658,458 |
Lightstream Group Inc Marketing Consultants | 12/30/21 | $469,906 |
Brinks Incorporated Cash Transport - Itm/atm Servicing | 12/30/21 | $501,697 |
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 | $44,873,304 |
| Investment income | $1,451,992 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $448,468 |
| Net Gain/Loss on Asset Sales | $84,157 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $46,857,921 |
| 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. | $2,031,092 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $11,611,806 |
| Pension plan accruals and contributions | $572,677 |
| Other employee benefits | $2,012,018 |
| Payroll taxes | $937,655 |
| Fees for services: Management | $396,324 |
| Fees for services: Legal | $190,094 |
| Fees for services: Accounting | $267,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,421,542 |
| Advertising and promotion | $1,236,316 |
| Office expenses | $2,272,513 |
| Information technology | $628,932 |
| Royalties | $0 |
| Occupancy | $1,043,584 |
| Travel | $98,511 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $49,272 |
| Interest | $2,648,059 |
| Payments to affiliates | $80,186 |
| Depreciation, depletion, and amortization | $2,620,635 |
| Insurance | $263,176 |
| All other expenses | $1,282,604 |
| Total functional expenses | $39,411,572 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $21,756,314 |
| Savings and temporary cash investments | $124,241,144 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,301,789 |
| Loans from Officers, Directors, or Controlling Persons | $2,145,228 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $647,990,045 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,813,235 |
| Net Land, buildings, and equipment | $37,063,131 |
| Investments—publicly traded securities | $103,627,731 |
| Investments—other securities | $2,560,366 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $23,159,539 |
| Total assets | $972,658,522 |
| Accounts payable and accrued expenses | $10,773,264 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $470,358 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $5,233,333 |
| Unsecured mortgages and notes payable | $15,000,000 |
| Other liabilities | $857,956,793 |
| Total liabilities | $889,433,748 |
| 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 | $83,224,774 |
| Total liabilities and net assets/fund balances | $972,658,522 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that First Commerce Credit Union has recieved totaling $5,500.
| Awarding Organization | Amount |
|---|---|
Southeastern Credit Union Foundation Inc Tallahassee, FL PURPOSE: COMMUNITY SUPPORT | $5,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Georgia's Own Credit Union Atlanta, GA | $3,419,402,865 | $147,500,350 |
Fairwinds Credit Union Orlando, FL | $4,043,048,917 | $164,616,807 |
Robins Financial Credit Union Warner Robins, GA | $3,880,052,195 | $147,788,018 |
State Chartered Credit Unions In Florida Jonesville, FL | $2,692,290,378 | $122,435,815 |
Florida Credit Union Gainesville, FL | $1,449,934,229 | $94,300,981 |
Atlanta Postal Credit Union Atlanta, GA | $2,565,202,791 | $86,141,254 |
Georgia United Credit Union Duluth, GA | $1,880,574,240 | $80,835,681 |
State Chartered Credit Unions In Florida Dunedin, FL | $2,485,154,200 | $95,219,795 |
State Chartered Credit Unions In Florida Jacksonville, FL | $2,430,634,345 | $94,716,587 |
Lge Community Credit Union Atlanta, GA | $1,989,595,139 | $81,568,561 |
Associated Credit Union Norcross, GA | $2,094,343,004 | $74,274,351 |
Max Credit Union Montgomery, AL | $2,021,706,470 | $76,797,432 |