First City Credit Union
- Assets
- $906.6m
- Revenue
- $38.1m
- Investments
- $449.6m
- Employees
- 148
- Location
- Altadena, CA
- Founding
- 06/1979
- Data as of
- 12/2023
- EIN
- 95-1679662
Organization Overview
First City Credit Union is located in Altadena, CA. The organization was established in 1979. 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 12/2023, First City Credit Union employed 148 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. First City 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 12/2023, First City Credit Union generated $38.1m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 6.8% each year. All expenses for the organization totaled $30.5m during the year ending 12/2023. While expenses have increased by 5.8% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE HIGH QUALITY FINANCIAL SERVICES AND COMPETITIVE PRODUCTS TO OUR MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
RETAIL LENDING: FIRST CITY CREDIT UNION PROVIDES A FULL RANGE OF RETAIL LENDING PRODUCTS TO ITS MEMBERS, INCLUDING NEW AND USED AUTO FINANCING, REAL ESTATE MORTGAGES, UNSECURED LOANS, HOME EQUITY LINES OF CREDIT AND OTHER RETAIL CREDIT. WE ARE AMONG THE LEADING CREDIT UNIONS IN THE COUNTRY IN TERMS OF OUR RELATIVE CONCENTRATION OF SUCCESSFUL AUTO LENDING PRODUCTS, WHICH REPRESENT 40% OF OUR TOTAL LOANS. WE CONTINUE TO DEVELOP OUR LENDING CAPABILITIES AS A RELIABLE SOURCE OF CREDIT IN THE CHALLENGING ECONOMIC CONDITIONS OF THE PAST YEAR. AT 12/31/2023, FIRST CITY CREDIT UNION HAD 55,886 MEMBER LOANS OUTSTANDING WITH A TOTAL BALANCE OF $390,828,347.
DEPOSITS: FIRST CITY CREDIT UNION PROVIDES A FULL RANGE OF RETAIL DEPOSIT PRODUCTS TO ITS MEMBERS TO PROVIDE A SAFE AND INSURED INVESTMENT VEHICLE TO HELP FINANCIAL MANAGEMENT. THIS INCLUDES BOTH FIXED TERM CERTIFICATES OF DEPOSIT AND NON-MATURING DEPOSITS, SUCH AS MONEY MARKET ACCOUNTS. WE ALSO PROVIDE A FULL RANGE OF CHECKING ACCOUNT PRODUCTS THAT ALLOW OUR MEMBERS TO MANAGE THEIR DAY-TO-DAY FINANCES EFFECTIVELY THROUGH SERVICES SUCH AS DIRECT DEPOSIT OF PAYROLL AND ON-LINE BILL PAYMENT. OUR NETWORK OF 7 BRANCHES PROVIDE EASY ACCESS TO OUR DEPOSIT AS WELL AS OTHERS PRODUCTS. AT 12/31/2023, FIRST CITY CREDIT UNION HAD A TOTAL DEPOSIT BALANCE OF $769,160,409.
CARD SERVICES: FIRST CITY CREDIT UNION PROVIDES CREDIT CARDS AND DEBIT CARDS TO ITS MEMBERS. THESE CARDS PROVIDE THEM THE CASH MANAGEMENT TOOLS NECESSARY FOR MUCH OF THE ONGOING PURCHASES AND BILL PAYMENTS ON A DAILY BASIS. THEY ALSO PROVIDE THE ABILITY TO MANAGE FINANCES WITH A VARIETY OF OPTIONS, E.G., DEFERRING PAYMENTS UNTIL CASH IS AVAILABLE TO PAY OR MAKING PURCHASES WITH A DIRECT DEBIT WHEN PHYSICAL CHECKS ARE NOT ACCEPTED BY A MERCHANT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Navneet Khanna CEO | Officer | 40 | $559,442 |
Lourdes Ruano Evp/cfo | Officer | 40 | $323,293 |
Michael Wilkins Svp/coo | Officer | 40 | $264,567 |
Alfredo Perez Svp/clo | 40 | $217,081 | |
Qamar Noory Vp/cio | 40 | $214,297 | |
Mary Bolose VP | 40 | $160,867 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Simon & Associates Marketing Agency | 12/30/23 | $392,130 |
Tpx Communication Line | 12/30/23 | $291,687 |
Allied Nationwide Security Branch Security Guards | 12/30/23 | $285,632 |
Zestfinance Lending Platform | 12/30/23 | $288,000 |
Financial Technology Solutions Atm Servicer | 12/30/23 | $265,175 |
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 | $25,148,937 |
| Investment income | $11,236,982 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,734,722 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $38,120,641 |
| 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. | $1,314,870 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,797,781 |
| Pension plan accruals and contributions | $287,533 |
| Other employee benefits | $930,957 |
| Payroll taxes | $660,714 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $179,770 |
| Fees for services: Accounting | $189,353 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $575,240 |
| Advertising and promotion | $800,510 |
| Office expenses | $2,650,665 |
| Information technology | $2,112,237 |
| Royalties | $0 |
| Occupancy | $1,456,762 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $165,403 |
| Interest | $1,506,737 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,333,120 |
| Insurance | $141,455 |
| All other expenses | $948,281 |
| Total functional expenses | $30,541,292 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,812,240 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,261,251 |
| Loans from Officers, Directors, or Controlling Persons | $10,837,751 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $376,673,768 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,282,753 |
| Net Land, buildings, and equipment | $16,371,957 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $449,592,628 |
| Investments—program-related | $0 |
| Intangible assets | $72,064 |
| Other assets | $41,712,010 |
| Total assets | $906,616,422 |
| Accounts payable and accrued expenses | $7,671,488 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $70,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $773,927,381 |
| Total liabilities | $851,598,869 |
| 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 | $55,017,553 |
| Total liabilities and net assets/fund balances | $906,616,422 |