Eastman Credit Union

Organization Overview

Eastman Credit Union is located in Kingsport, TN. The organization was established in 1952. 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 12/2019, Eastman Credit Union employed 923 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Eastman 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 12/2019, Eastman Credit Union generated $251.1m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 12.9% each year . All expenses for the organization totaled $181.8m during the year ending 12/2019. While expenses have increased by 13.2% per year over the past 5 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2019

Describe the Organization's Mission:

Part 3 - Line 1

OPERATED DURING 2019 AS A STATE CHARTERED CREDIT UNION WHOSE PURPOSE IS TO BE THE PREFERRED FINANCIAL INSTITUTION IN THE COMMUNITIES WE SERVE BY PROVIDING FINANCIAL PRODUCTS AND SERVICES WHICH ADD VALUE TO MEMBERS, GUIDED BY CREDIT UNION CO-OPERATIVE VALUES AND SERVICE EXCELLENCE EXPECTATIONS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

OPERATED DURING 2019 AS A STATE CHARTERED MUTUALLY OWNED CREDIT UNION THAT PROMOTED THRIFT BY MAINTAINING ACCOUNTS AND ISSUING SHARES RESULTING IN SUPERIOR VALUE. SERVED 241,567 MEMBERS WITH A VARIETY OF DEPOSIT PRODUCTS TOTALING $4,379,124,148


OPERATED DURING 2019 AS A STATE CHARTERED MUTUALLY OWNED CREDIT UNION THAT MADE LOANS TO ITS MEMBERS AT REASONABLE RATES OF INTEREST. MAINTAINED A LOAN PORTFOLIO COMPOSED OF CONSUMER, MORTGAGE, HOME EQUITY, VISA AND MEMBER BUSINESS LOANS THAT TOTALED $4,431,897,175.


INVESTED ANY SURPLUS NOT REQUIRED FOR LOANS TO EXERCISE THOSE FUNCTIONS DESCRIBED IN THE LAW OF THE STATE OF TENNESSEE AUTHORIZING THE ORGANIZATION OF CREDIT UNIONS THEREBY FURNISHING OTHER COOPERATIVE FINANCIAL SERVICES TO MEMBERS.


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Outside Vendors & Contractors

Vendor Name (Service)Compensation
Wilson Worley Moore Gamble & Stout Pc
Legal Services
$200,726
Toolcase Llc
Database Administration And Monitoring
$153,500
Mark S Hanor
Legal Services
$104,022
Moss Adams Llp
Audit Services
$102,000
View All Vendors

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$242,024,672
Investment income $9,141,805
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $209,908
Net Gain/Loss on Asset Sales -$270,079
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $251,106,306

Peer Organizations

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Delta Community Credit Union
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$309,453,420
Eastman Credit Union
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$251,106,306
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Knoxville Tva Employees Credit Unio
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Atlanta Postal Credit Union
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Associated Credit Union
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Commonwealth Credit Union
Frankfort, KY
$81,263,726
Georgia United Credit Union
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$78,453,973
Corporate America Credit Union
Irondale, AL
$80,525,464
Max Credit Union
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$74,745,325

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