Dec, 31, 2023 — IDEAL CREDIT UNION is a federally insured state chartered credit union headquartered in WOODBURY, MN with 6 branch locations and about $1.02 billion in total assets. Opened 98 years ago in 1926, IDEAL CREDIT UNION has about 50,295 members and employs 170 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | IDEAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 8499 Tamarack Rd WOODBURY, MN 55125-9201 |
| Phone: | (651) 770-7000 |
| Fax: | (651) 747-8939 |
| Website: | https://www.idealcu.com |
| Branches: | 6 branch locations |
| Members: | 50,295 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 62978 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1926 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $1,021,960,738 |
| CEO/Manager: | Brian G Sherrick |
| Chairperson: | Peter Olsen |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 136,110,855 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 4,630,769 |
| Real Estate Loans | 356,181,042 |
| Unsecured Loans | 41,298,074 |
| Other Loans | 424,268,490 |
| TOTAL LOANS | 821,747,606 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -8,651,955 |
| Land And Building | 17,018,383 |
| Other Fixed Assets | 3,579,458 |
| NCUSIF Deposit | 8,120,031 |
| All Other Assets | 0 |
| TOTAL ASSETS | 1,021,960,738 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 15,550 |
| Notes & Interest Payable | 56,675,000 |
| Accounts Payable & Other Liabilities | 12,723,794 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 164,720,721 |
| Regular shares | 217,948,303 |
| All Other Shares & Deposits | 466,251,938 |
| TOTAL SHARES & DEPOSITS | 848,920,962 |
| TOTAL LIABILITIES | 918,335,306 |
| Regular Reserve | 0 |
| Other Reserves | -2,344,057 |
| Undivided Earnings | 105,969,489 |
| TOTAL EQUITY | 103,625,432 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 1,021,960,738 |
| INCOME & EXPENSE | |
| Loan Income | 38,664,728 |
| Investment Income | 5,606,531 |
| Other Income | 5,589,357 |
| Total Employee Compensation & Benefits | 19,966,916 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 16,204,574 |
| Non-operating Income & (Expense) | 21,642 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 3,849,674 |
| Cost of Funds | 10,617,426 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 5,539,533 |
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