Dec, 31, 2020 — CORRECTIONS FEDERAL CREDIT UNION is a federal credit union headquartered in SOLEDAD, CA with 1 branch location and about $19.04 million in total assets. Opened 62 years ago in 1959, CORRECTIONS FEDERAL CREDIT UNION has about 2,476 members and employs 8 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | CORRECTIONS FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | POST OFFICE BOX 12 SOLEDAD, CA 93960 |
| Phone: | (831) 678-2631 |
| Fax: | (831) 678-2094 |
| Website: | http://www.corfed.com |
| Branches: | 1 branch locations |
| Members: | 2,476 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 13254 |
|---|---|
| Membership Type: | Federal, State, Local Government |
| Corporate Credit Union: | No |
| Year Opened: | 1959 |
| Last Audited: | Sep 01, 2020 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $19,041,314 |
| CEO/Manager: | Pete S Meza |
| Chairperson: | Arnold Ortega |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 1,920,060 |
| TOTAL INVESTMENTS | 310,467 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 0 |
| Unsecured Loans | 2,233,018 |
| Other Loans | 14,220,706 |
| TOTAL LOANS | 16,453,724 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -39,224 |
| Land And Building | 0 |
| Other Fixed Assets | 50,499 |
| NCUSIF Deposit | 148,876 |
| All Other Assets | 196,912 |
| TOTAL ASSETS | 19,041,314 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 29,838 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 159,350 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 150,000 |
| Share Drafts | 1,377,305 |
| Regular shares | 10,183,545 |
| All Other Shares & Deposits | 5,431,896 |
| TOTAL SHARES & DEPOSITS | 16,992,746 |
| TOTAL LIABILITIES | 17,331,934 |
| Regular Reserve | 266,400 |
| Other Reserves | 0 |
| Undivided Earnings | 1,442,980 |
| TOTAL EQUITY | 1,709,380 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 19,041,314 |
| INCOME & EXPENSE | |
| Loan Income | 1,091,277 |
| Investment Income | 10,358 |
| Other Income | 332,415 |
| Total Employee Compensation & Benefits | 638,145 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 541,437 |
| Non-operating Income & (Expense) | -17,858 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 12,405 |
| Cost of Funds | 84,195 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 140,010 |
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