Dec, 31, 2023 — RED WING CREDIT UNION is a federally insured state chartered credit union headquartered in RED WING, MN with 1 branch location and about $168.61 million in total assets. Opened 70 years ago in 1954, RED WING CREDIT UNION has about 9,450 members and employs 32 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 WING CREDIT UNION |
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Address: (Main Office) | 3303 N Service Dr RED WING, MN 55066 |
Phone: | (651) 388-7133 |
Fax: | (651) 388-7137 |
Website: | https://www.redwingcu.com |
Branches: | 1 branch locations |
Members: | 9,450 |
Credit Union Type: | Federally Insured State Chartered Credit Union |
Charter Number: | 61778 |
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Membership Type: | State chartered natural person |
Corporate Credit Union: | No |
Year Opened: | 1954 |
Last Audited: | Mar 01, 2023 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $168,613,746 |
CEO/Manager: | Aaron S DeJong |
Chairperson: | Daryl Mark |
ASSETS: | $ Amount |
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Cash & Equivalents | 9,807,609 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 54,462,427 |
Unsecured Loans | 3,565,241 |
Other Loans | 43,710,966 |
TOTAL LOANS | 101,762,134 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -292,816 |
Land And Building | 547,950 |
Other Fixed Assets | 1,684,004 |
NCUSIF Deposit | 1,484,449 |
All Other Assets | 0 |
TOTAL ASSETS | 168,613,746 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 0 |
Notes & Interest Payable | 0 |
Accounts Payable & Other Liabilities | -2,234,967 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 25,655,947 |
Regular shares | 55,538,150 |
All Other Shares & Deposits | 73,916,284 |
TOTAL SHARES & DEPOSITS | 155,110,381 |
TOTAL LIABILITIES | 152,875,414 |
Regular Reserve | 0 |
Other Reserves | -4,734,006 |
Undivided Earnings | 20,472,338 |
TOTAL EQUITY | 15,738,332 |
TOTAL LIABILITIES, SHARES, & EQUITY | 168,613,746 |
INCOME & EXPENSE | |
Loan Income | 4,920,293 |
Investment Income | 1,661,109 |
Other Income | 291,946 |
Total Employee Compensation & Benefits | 2,089,678 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 2,038,288 |
Non-operating Income & (Expense) | 19,084 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 25,187 |
Cost of Funds | 1,735,135 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 1,816,497 |
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