Dec, 31, 2023 — RED LAKE CO OP FEDERAL CREDIT UNION is a federal credit union headquartered in RED LAKE FALLS, MN with 1 branch location and about $6.93 million in total assets. Opened 75 years ago in 1949, RED LAKE CO OP FEDERAL CREDIT UNION has about 1,458 members and employs 3 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | RED LAKE CO OP FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 111 2nd St SW RED LAKE FALLS, MN 56750-4015 |
| Phone: | (218) 253-2775 |
| Fax: | (218) 253-4958 |
| Website: | https://redlakecfcu.com |
| Branches: | 1 branch locations |
| Members: | 1,458 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 6144 |
|---|---|
| Membership Type: | Associational - Other than religious or fraternal, or 'low-income' |
| Corporate Credit Union: | No |
| Year Opened: | 1949 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $6,934,471 |
| CEO/Manager: | Lori L Hagl |
| Chairperson: | Joel Q Lehrer |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 185,657 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 755,502 |
| Unsecured Loans | 33,061 |
| Other Loans | 3,155,310 |
| TOTAL LOANS | 3,943,874 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -11,049 |
| Land And Building | 57,225 |
| Other Fixed Assets | 4,269 |
| NCUSIF Deposit | 73,582 |
| All Other Assets | 0 |
| TOTAL ASSETS | 6,934,471 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 6,150 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 843,641 |
| Regular shares | 5,279,461 |
| All Other Shares & Deposits | 0 |
| TOTAL SHARES & DEPOSITS | 6,123,102 |
| TOTAL LIABILITIES | 6,129,252 |
| Regular Reserve | 0 |
| Other Reserves | 114,579 |
| Undivided Earnings | 690,640 |
| TOTAL EQUITY | 805,219 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 6,934,471 |
| INCOME & EXPENSE | |
| Loan Income | 174,918 |
| Investment Income | 77,619 |
| Other Income | 16,019 |
| Total Employee Compensation & Benefits | 128,574 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 113,679 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 11,049 |
| Cost of Funds | 12,445 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 19,889 |
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