Dec, 31, 2023 — TORO EMPLOYEES FEDERAL CREDIT UNION is a federal credit union headquartered in BLOOMINGTON, MN with 1 branch location and about $36.52 million in total assets. Opened 50 years ago in 1974, TORO EMPLOYEES FEDERAL CREDIT UNION has about 3,296 members and employs 6 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | TORO EMPLOYEES FEDERAL CREDIT UNION |
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Address: (Main Office) | 8111 Lyndale Ave S BLOOMINGTON, MN 55420 |
Phone: | (952) 208-6441 |
Fax: | (952) 948-4849 |
Website: | https://www.torofcu.org |
Branches: | 1 branch locations |
Members: | 3,296 |
Credit Union Type: | Federal Credit Union |
Charter Number: | 21644 |
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Membership Type: | Manufacturing - Machinery |
Corporate Credit Union: | No |
Year Opened: | 1974 |
Last Audited: | Mar 01, 2023 |
FHLB Member: | No |
Low Income Designation: | No |
Assets: | $36,520,720 |
CEO/Manager: | Grant Johnson |
Chairperson: | Paul R Danielson |
ASSETS: | $ Amount |
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Cash & Equivalents | 792,097 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 14,472,402 |
Unsecured Loans | 2,419,927 |
Other Loans | 13,115,875 |
TOTAL LOANS | 30,008,204 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -250,948 |
Land And Building | 0 |
Other Fixed Assets | 13,509 |
NCUSIF Deposit | 321,120 |
All Other Assets | 0 |
TOTAL ASSETS | 36,520,720 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 0 |
Notes & Interest Payable | 0 |
Accounts Payable & Other Liabilities | 251,662 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 4,409,123 |
Regular shares | 9,589,820 |
All Other Shares & Deposits | 17,352,225 |
TOTAL SHARES & DEPOSITS | 31,351,168 |
TOTAL LIABILITIES | 31,602,830 |
Regular Reserve | 0 |
Other Reserves | -154,262 |
Undivided Earnings | 5,072,152 |
TOTAL EQUITY | 4,917,890 |
TOTAL LIABILITIES, SHARES, & EQUITY | 36,520,720 |
INCOME & EXPENSE | |
Loan Income | 1,732,356 |
Investment Income | 72,506 |
Other Income | 102,234 |
Total Employee Compensation & Benefits | 561,380 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 603,399 |
Non-operating Income & (Expense) | 0 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 239,922 |
Cost of Funds | 460,023 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 112,649 |
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