American Eagle Financial Credit Union Incorporated
- Assets
- $2.4b
- Revenue
- $80.6m
- Investments
- $2.1m
- Employees
- 397
- Location
- East Hartford, CT
- Founding
- 11/2015
- Data as of
- 12/2021
- EIN
- 47-2559616
Organization Overview
American Eagle Financial Credit Union Incorporated is located in East Hartford, CT. The organization was established in 2015. 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, American Eagle Financial Credit Union Incorporated employed 397 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. American Eagle Financial Credit Union Incorporated 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, American Eagle Financial Credit Union Incorporated generated $80.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.5% each year. All expenses for the organization totaled $71.4m during the year ending 12/2021. While expenses have increased by 3.8% 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.
Since 2016, American Eagle Financial Credit Union Incorporated has awarded 35 individual grants totaling $331,293. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
AMERICAN EAGLE FINANCIAL CREDIT UNION PROVIDES FINANCIAL SERVICES IN THE FORM OF LOANS AND DEPOSIT PRODUCTS THAT HELP ITS MEMBERSHIP ACHIEVE THEIR FINANCIAL GOALS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING 2021, AMERICAN EAGLE FINANCIAL CREDIT UNION (AEFCU), A STATE CHARTERED CREDIT UNION LOCATED IN THE STATE OF CONNECTICUT, PROVIDED FINANCIAL SERVICES TO MEMBERS WHO LIVE, WORK, WORSHIP, OR ATTEND SCHOOL IN THE HARTFORD, TOLLAND, NEW HAVEN, AND MIDDLESEX COUNTIES IN CT. AEFCU CONTINUED TO FULFILL ITS EXEMPT STATUS BY PROVIDING CREDIT AT FAIR AND REASONABLE RATES OF INTEREST, OFFERING COMPETITIVE SHARE DEPOSIT PRODUCTS, AND PROVIDING MEMBERS WITH THE OPPORTUNITY TO IMPROVE THEIR ECONOMIC CONDITION. IN 2021, MEMBERSHIP GREW FROM 157,426 TO 167,545 MEMBERS. THERE WERE 14,408 LOANS GRANTED TOTALING $783,196,642. DEPOSITS GREW FROM 299,257 ACCOUNTS TO 323,486 ACCOUNTS FOR A TOTAL INCREASE IN DEPOSITS OF $153,184,450. AEFCU ALSO CONDUCTED SEMINARS FOR ITS MEMBERSHIP THAT RANGED FROM FINANCIAL LITERACY TO FIRST TIME HOME BUYING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dean Marchessault President/ceo | Officer | 40 | $562,091 |
Susan Bushnik Svp/cto | 40 | $442,347 | |
Howard Brady Svp/clo | 40 | $412,862 | |
Brian Kennedy Svp/cso | 40 | $377,418 | |
Teresa Knox Svp/coo | 40 | $359,441 | |
James Evans Svp/cio | 40 | $233,359 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fis Card Processing | 12/30/21 | $2,298,783 |
Fiserv Inc Software Services | 12/30/21 | $3,395,535 |
Data Facts Credit Appraisals | 12/30/21 | $807,931 |
Century Link Dba Lumen Data Communication/circuits | 12/30/21 | $569,730 |
Strategic Resource Management Contract Negotiations | 12/30/21 | $746,292 |
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 | $78,580,004 |
| Investment income | $2,001,269 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $80,581,273 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $199,285 |
| Grants and other assistance to domestic individuals. | $6,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,013,534 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $25,785,358 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $6,072,972 |
| Payroll taxes | $1,849,936 |
| Fees for services: Management | $699,889 |
| Fees for services: Legal | $131,304 |
| Fees for services: Accounting | $223,168 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $872,404 |
| Advertising and promotion | $621,183 |
| Office expenses | $5,467,312 |
| Information technology | $6,120,956 |
| Royalties | $0 |
| Occupancy | $3,035,494 |
| Travel | $215,486 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $5,257,260 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,273,929 |
| Insurance | $216,266 |
| All other expenses | $2,123,310 |
| Total functional expenses | $71,393,640 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,797,235 |
| Savings and temporary cash investments | $270,759,102 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $512,947 |
| Loans from Officers, Directors, or Controlling Persons | $24,429,123 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,669,103,187 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,584,660 |
| Net Land, buildings, and equipment | $27,079,494 |
| Investments—publicly traded securities | $317,416,834 |
| Investments—other securities | $2,078,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $28,637,988 |
| Total assets | $2,355,398,570 |
| Accounts payable and accrued expenses | $15,422,668 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,141,253,648 |
| Total liabilities | $2,156,676,316 |
| 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 | $198,722,254 |
| Total liabilities and net assets/fund balances | $2,355,398,570 |
Grants Awarded
Over the last fiscal year, American Eagle Financial Credit Union Incorporated has awarded $160,513 in support to 15 organizations.
| Grant Recipient | Amount |
|---|---|
Hartford, CT PURPOSE: SPONSORSHIP | $35,000 |
Springfield, MA PURPOSE: SPONSORSHIP | $10,000 |
Andover, CT PURPOSE: SPONSORSHIP | $10,000 |
Hartford, CT PURPOSE: CASH BACK TO THE COMMUNITY | $9,598 |
Windsor, CT PURPOSE: CASH BACK TO THE COMMUNITY | $9,598 |
Middletown, CT PURPOSE: CASH BACK TO THE COMMUNITY | $9,598 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Municipal Credit Union New York, NY | $4,195,909,598 | $220,924,766 |
Navigant Credit Union Smithfield, RI | $3,081,655,511 | $116,968,150 |
Metro Credit Union Chelsea, MA | $2,510,941,078 | $92,937,477 |
American Eagle Financial Credit Union Incorporated East Hartford, CT | $2,355,398,570 | $80,581,273 |
Coastal1 Credit Union Pawtucket, RI | $2,840,412,596 | $91,925,616 |
Sunmark Credit Union Latham, NY | $1,009,786,367 | $61,777,524 |
Jeanne Darc Credit Union Lowell, MA | $1,792,528,408 | $59,293,841 |
Harvard University Employees Credit Union Cambridge, MA | $1,037,994,144 | $42,695,601 |
Sharon & Cresent United Credit Union Sharon, MA | $1,214,608,643 | $40,886,511 |
St Annes Credit Union Of Fall River Mass Fall River, MA | $1,266,762,131 | $34,865,858 |
Sikorsky Financial Credit Union Inc Stratford, CT | $1,094,000,567 | $34,623,993 |
Leominster Credit Union Leominster, MA | $813,719,349 | $30,410,755 |