Dec, 31, 2023 — CORRECTIONS FEDERAL CREDIT UNION is a federal credit union headquartered in SOLEDAD, CA with 2 branch locations and about $25.75 million in total assets. Opened 65 years ago in 1959, CORRECTIONS FEDERAL CREDIT UNION has about 2,626 members and employs 10 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | CORRECTIONS FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 4 miles North of Soledad, Hwy 101 SOLEDAD, CA 93960 |
| Phone: | (831) 678-2631 |
| Fax: | (831) 678-2094 |
| Website: | https://www.corfed.com |
| Branches: | 2 branch locations |
| Members: | 2,626 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 13254 |
|---|---|
| Membership Type: | Federal, State, Local Government |
| Corporate Credit Union: | No |
| Year Opened: | 1959 |
| Last Audited: | Sep 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $25,745,455 |
| CEO/Manager: | Pete S Meza |
| Chairperson: | Arnold Ortega |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 2,193,809 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 0 |
| Unsecured Loans | 2,133,647 |
| Other Loans | 19,908,776 |
| TOTAL LOANS | 22,042,423 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -48,333 |
| Land And Building | 0 |
| Other Fixed Assets | 181,060 |
| NCUSIF Deposit | 219,613 |
| All Other Assets | 86,400 |
| TOTAL ASSETS | 25,745,455 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 86,699 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 107,117 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 150,000 |
| Share Drafts | 2,052,974 |
| Regular shares | 13,370,532 |
| All Other Shares & Deposits | 7,805,834 |
| TOTAL SHARES & DEPOSITS | 23,229,339 |
| TOTAL LIABILITIES | 23,573,155 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 2,172,300 |
| TOTAL EQUITY | 2,172,300 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 25,745,455 |
| INCOME & EXPENSE | |
| Loan Income | 1,446,289 |
| Investment Income | 81,153 |
| Other Income | 201,015 |
| Total Employee Compensation & Benefits | 785,941 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 810,793 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 30,618 |
| Cost of Funds | 170,585 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 88,306 |
| ↑ Back to Top | |