First Service Credit Union
- Assets
- $759.3m
- Revenue
- $51.4m
- Investments
- $4.8m
- Employees
- 264
- Location
- Houston, TX
- Founding
- 06/1976
- Data as of
- 12/2019
- EIN
- 74-1951016
Organization Overview
First Service Credit Union is located in Houston, TX. The organization was established in 1976. 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, First Service Credit Union employed 264 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. First Service 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, First Service Credit Union generated $51.4m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 4.3% each year. All expenses for the organization totaled $49.0m during the year ending 12/2019. While expenses have increased by 7.8% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2019
Describe the Organization's Mission:
Part 3 - Line 1
FIRST SERVICE CREDIT UNION IS A COOPERATIVE CREDIT UNION THAT PROVIDES FINANCIAL PRODUCTS AND SERVICES TO MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FIRST SERVICE CREDIT UNION OFFERS SAVINGS ACCOUNTS TO MEMBERS OF ALL AGES THAT PAY DIVIDENDS ON A MONTHLY BASIS. WE HAD APPROXIMATELY 65,364 MEMBERS AS OF DECEMBER 31, 2019. MEMBERS CAN ACCESS THEIR SAVINGS ACCOUNTS THROUGH OUR BRANCH NETWORK, INCLUDING OUR NATIONWIDE SHARED BRANCHING NETWORK. MEMBERS CAN ALSO ACCESS THEIR SAVINGS ACCOUNTS VIA HOME BANKING, TELEPHONE, MOBILE DEVICES AND ATMS. WE ALSO OFFER SPECIAL SAVINGS ACCOUNTS FOR CHILDREN AND TEENAGERS TO ENCOURAGE THE DEVELOPMENT OF CONSISTENT SAVINGS HABITS.
FIRST SERVICE CREDIT UNION OFFERS CHECKING ACCOUNTS FOR OUR MEMBERS. SOME OF OUR CHECKING ACCOUNTS PAY DIVIDENDS ON A MONTHLY BASIS. CHECKING ACCOUNTS CAN BE ACCESSED THROUGH OUR BRANCH NETWORK AND A NATIONWIDE SHARED BRANCHING NETWORK. MEMBERS CAN ALSO ACCESS THEIR CHECKING ACCOUNTS VIA HOME BANKING, TELEPHONE, MOBILE DEVICES AND ATMS. MEMBERS CAN ALSO PAY BILLS ONLINE USING OUR FREE BILL PAY SERVICE.
FIRST SERVICE CREDIT UNION PROVIDES LOANS TO MEMBERS FOR A VARIETY OF LOAN TYPES SUCH AS NEW AND USED AUTOS, UNSECURED, BOAT, MOTORCYCLE, RECREATIONAL AND REAL ESTATE AT VERY COMPETITIVE RATES WITH NO PRE-PAYMENT PENALTIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Bleazard President/ceo | Officer | 50 | $1,382,344 |
Michael Mcwethy COO | Officer | 50 | $288,239 |
David Dang Cio | Officer | 50 | $210,745 |
Michael Alexander Financial Advisor | 50 | $199,091 | |
Frank Halstead Cio | Officer | 50 | $195,304 |
Jana Heaton CFO | Officer | 50 | $177,931 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Hinda Inc Card Rewards Program | 12/30/19 | $761,333 |
American Service Group Warranty | 12/30/19 | $3,245,525 |
American National Ins Co Credit Life And Disability Insurance | 12/30/19 | $935,730 |
Miller Lapoint Constuction Llc Branch And Home Office Constructions | 12/30/19 | $1,270,025 |
Cuna Mutual Group Insurance | 12/30/19 | $585,155 |
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 | $50,903,019 |
| Investment income | $1,217,945 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$7,620 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $51,399,270 |
| 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 | $8,249,008 |
| Compensation of current officers, directors, key employees. | $2,948,119 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,414,320 |
| Pension plan accruals and contributions | $416,945 |
| Other employee benefits | $1,942,248 |
| Payroll taxes | $1,036,940 |
| Fees for services: Management | $136,902 |
| Fees for services: Legal | $533,505 |
| Fees for services: Accounting | $1,423 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,347,240 |
| Advertising and promotion | $1,267,500 |
| Office expenses | $1,549,589 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $3,695,316 |
| Travel | $376,996 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $322,418 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,012,106 |
| Insurance | $0 |
| All other expenses | $175,825 |
| Total functional expenses | $48,951,438 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $15,220,125 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,598,394 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $627,259,075 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,190,916 |
| Net Land, buildings, and equipment | $36,887,593 |
| Investments—publicly traded securities | $40,509,959 |
| Investments—other securities | $4,814,747 |
| Investments—program-related | $0 |
| Intangible assets | $625,832 |
| Other assets | $29,212,175 |
| Total assets | $759,318,816 |
| Accounts payable and accrued expenses | $16,206,648 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $845,050 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $12,800,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $654,613,048 |
| Total liabilities | $684,464,746 |
| 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 | $74,854,070 |
| Total liabilities and net assets/fund balances | $759,318,816 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that First Service Credit Union has recieved totaling $500.
| Awarding Organization | Amount |
|---|---|
SFCU Foundation Houston, TX PURPOSE: SUPPORT | $500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ttcu Federal Credit Union Tulsa, OK | $2,019,744,867 | $107,654,707 |
Credit Union Of Texas Allen, TX | $1,393,394,999 | $92,923,025 |
First Community Credit Union Of Houston Houston, TX | $1,792,099,234 | $78,841,838 |
Texas Trust Credit Union Arlington, TX | $1,344,628,631 | $71,525,575 |
Firstmark Credit Union San Antonio, TX | $1,020,010,997 | $59,445,918 |
First Service Credit Union Houston, TX | $759,318,816 | $51,399,270 |
State Chartered Credit Unions In Louisiana Baton Rouge, LA | $396,477,801 | $48,572,194 |
Neighborhood Credit Union Dallas, TX | $810,062,773 | $51,652,385 |
Fort Worth Community Credit Union Bedford, TX | $1,001,618,613 | $47,287,563 |
Velocity Credit Union Austin, TX | $849,082,564 | $51,540,286 |
United Heritage Credit Union Austin, TX | $1,074,547,983 | $48,829,880 |
Intouch Credit Union Plano, TX | $920,945,761 | $42,962,924 |