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 |
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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 |
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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 |
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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 |
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