Dec, 31, 2023 — DEER RIVER COOPERATIVE CREDIT UNION is a federally insured state chartered credit union headquartered in DEER RIVER, MN with 1 branch location and about $26.92 million in total assets. Opened 86 years ago in 1938, DEER RIVER COOPERATIVE CREDIT UNION has about 2,021 members and employs 5 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | DEER RIVER COOPERATIVE CREDIT UNION |
|---|---|
| Address: (Main Office) | 51 2ND ST SE DEER RIVER, MN 56636 |
| Phone: | (218) 246-8777 |
| Fax: | (218) 246-9731 |
| Website: | https://drccu.com |
| Branches: | 1 branch locations |
| Members: | 2,021 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 60388 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1938 |
| Last Audited: | Sep 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $26,922,310 |
| CEO/Manager: | MARY GOGGLEYE |
| Chairperson: | CHARLES ISAACS |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 1,211,000 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 14,914,125 |
| Unsecured Loans | 225,360 |
| Other Loans | 6,733,870 |
| TOTAL LOANS | 21,873,355 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -67,119 |
| Land And Building | 256,795 |
| Other Fixed Assets | 64,605 |
| NCUSIF Deposit | 237,445 |
| All Other Assets | 0 |
| TOTAL ASSETS | 26,922,310 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 31,057 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 4,743,235 |
| Regular shares | 17,161,659 |
| All Other Shares & Deposits | 2,272,871 |
| TOTAL SHARES & DEPOSITS | 24,177,767 |
| TOTAL LIABILITIES | 24,208,824 |
| Regular Reserve | 0 |
| Other Reserves | 416,704 |
| Undivided Earnings | 2,296,782 |
| TOTAL EQUITY | 2,713,486 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 26,922,310 |
| INCOME & EXPENSE | |
| Loan Income | 897,427 |
| Investment Income | 207,241 |
| Other Income | 74,317 |
| Total Employee Compensation & Benefits | 361,432 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 338,625 |
| Non-operating Income & (Expense) | 11,912 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 0 |
| Cost of Funds | 258,041 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 232,799 |
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