East Texas Professional Credit
- Assets
- $963.2m
- Revenue
- $39.8m
- Investments
- $1.0m
- Employees
- 224
- Location
- Longview, TX
- Founding
- 06/1976
- Data as of
- 12/2021
- EIN
- 75-0913075
Organization Overview
East Texas Professional Credit is located in Longview, TX. The organization was established in 1976. According to its NTEE Classification (W60) the organization is classified as: Financial Institutions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, East Texas Professional Credit employed 224 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. East Texas Professional Credit 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, East Texas Professional Credit generated $39.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.9% each year. All expenses for the organization totaled $27.3m during the year ending 12/2021. While expenses have increased by 4.9% 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
FINANCIAL INSTITUTION WITH A COMMUNITY CHARTER TO PROVIDE FINANCIAL SERVICES TO OUR MEMBERSHIP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ETPCU PROVIDES ALL TYPES OF CONSUMER LENDING PRODUCTS INCLUDING AUTOMOBILE (DIRECT AND INDIRECT), BOAT, MOTORCYCLE, HOME MORTGAGE, HOME EQUITY, HOME IMPROVEMENT AND HELOC'S. ALL LOANS ARE GRANTED USING RISK BASED PRICING LEVELS AT HIGHLY COMPETITIVE RATES.
ETPCU REQUIRES A SHARE ACCOUNT WITH A MINIMUM BALANCE OF $5.00 TO BECOME A MEMBER. OUR ACCOUNTS PAY RATES THAT ARE COMPETITIVE WITH OTHER FINANCIAL INSTITUTIONS IN OUR AREA. WITH MEMBERSHIP, ALL MEMBERS HAVE RIGHTS TO ALL OF OUR SERVICES WHICH INCLUDE CHECKING ACCOUNTS, TERM SHARE CERTIFICATES, LOANS INTERNET BANKING AND THEME PARK TICKETS AT DISCOUNTED RATES.
ETPCU HAS NUMEROUS CHECKING ACCOUNT PRODUCTS INCLUDING ADVANTAGE CHECKING WHICH ALLOWS OVERDRAFT COURTESY OF UP TO $175. MOST OF OUR ACCOUNTS ARE INTEREST BEARING AND HAVE LITTLE TO NO SERVICE FEES. WE ALSO OFFER MONEY MARKET CHECKING FOR THOSE WHO CAN MAINTAIN A MINIMUM BALANCE OF $1,000 AND WANT TO EARN A HIGHER RATE OF INTEREST.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
W Byron Norton President | Officer | 40 | $852,885 |
Scot Haines Srvp Operations | Officer | 40 | $156,630 |
John Griffin Srvp Lending | Officer | 40 | $155,705 |
Kevin Wasson VP Information Technology | Officer | 40 | $142,513 |
Deborah Pearce Srvp Accounting | Officer | 40 | $138,348 |
Kerri Dalme Srvp Branch Operations | Officer | 40 | $115,431 |
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 | $38,518,060 |
| Investment income | $1,142,360 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $14,400 |
| Net Gain/Loss on Asset Sales | $295 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $39,825,100 |
| 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. | $1,922,250 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,262,899 |
| Pension plan accruals and contributions | $322,063 |
| Other employee benefits | $1,453,764 |
| Payroll taxes | $711,401 |
| Fees for services: Management | $1,586 |
| Fees for services: Legal | $100,326 |
| Fees for services: Accounting | $223,982 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $55,000 |
| Fees for services: Other | $3,896,630 |
| Advertising and promotion | $836,143 |
| Office expenses | $2,714,317 |
| Information technology | $750,947 |
| Royalties | $0 |
| Occupancy | $1,336,101 |
| Travel | $11,424 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $67,010 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $512,457 |
| Insurance | $183,599 |
| All other expenses | -$530,244 |
| Total functional expenses | $27,290,062 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,605,807 |
| Savings and temporary cash investments | $334,188,601 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,401,694 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $507,999,311 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,108,212 |
| Net Land, buildings, and equipment | $23,655,338 |
| Investments—publicly traded securities | $27,347,369 |
| Investments—other securities | $1,045,795 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $46,861,255 |
| Total assets | $963,213,382 |
| Accounts payable and accrued expenses | $10,542,319 |
| 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 | $783,696,070 |
| Total liabilities | $794,238,389 |
| 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 | $168,974,993 |
| Total liabilities and net assets/fund balances | $963,213,382 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Eecu Fort Worth, TX | $3,346,818,050 | $132,703,955 |
Datcu Corinth, TX | $1,472,218,560 | $58,120,235 |
Smart Financial Credit Union Houston, TX | $863,045,485 | $34,269,474 |
East Texas Professional Credit Longview, TX | $963,213,382 | $39,825,100 |
Texell Credit Union Temple, TX | $562,565,721 | $32,645,542 |
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