Dec, 31, 2023 — MERIWEST CREDIT UNION is a federally insured state chartered credit union headquartered in SAN JOSE, CA with 11 branch locations and about $2.19 billion in total assets. Opened 63 years ago in 1961, MERIWEST CREDIT UNION has about 80,393 members and employs 221 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | MERIWEST CREDIT UNION |
|---|---|
| Address: (Main Office) | 5615 Chesbro Ave SAN JOSE, CA 95123-3046 |
| Phone: | (408) 972-5222 |
| Fax: | (408) 363-3298 |
| Website: | https://www.meriwest.com |
| Branches: | 11 branch locations |
| Members: | 80,393 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 68394 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1961 |
| Last Audited: | Sep 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $2,193,062,292 |
| CEO/Manager: | Lisa Pesta |
| Chairperson: | Arthur Jue |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 75,353,662 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 2,963,105 |
| Real Estate Loans | 1,333,630,243 |
| Unsecured Loans | 35,022,154 |
| Other Loans | 375,536,014 |
| TOTAL LOANS | 1,744,188,411 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -12,214,114 |
| Land And Building | 3,418,307 |
| Other Fixed Assets | 1,707,373 |
| NCUSIF Deposit | 15,502,402 |
| All Other Assets | 566,992 |
| TOTAL ASSETS | 2,193,062,292 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 556,117 |
| Notes & Interest Payable | 255,041,684 |
| Accounts Payable & Other Liabilities | 24,285,283 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 409,163,020 |
| Regular shares | 438,830,973 |
| All Other Shares & Deposits | 908,816,309 |
| TOTAL SHARES & DEPOSITS | 1,756,810,302 |
| TOTAL LIABILITIES | 2,037,083,386 |
| Regular Reserve | 0 |
| Other Reserves | -8,882,877 |
| Undivided Earnings | 164,861,783 |
| TOTAL EQUITY | 155,978,906 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 2,193,062,292 |
| INCOME & EXPENSE | |
| Loan Income | 77,653,502 |
| Investment Income | 13,592,856 |
| Other Income | 4,432,679 |
| Total Employee Compensation & Benefits | 32,607,436 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 19,246,323 |
| Non-operating Income & (Expense) | 5,753,763 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 9,579,693 |
| Cost of Funds | 37,147,019 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 2,499,109 |
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