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CORRECTIONS FEDERAL CREDIT UNION

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

Call Report

  • Indirect Consumer Loans
  • Overdraft Protection
  • Participation Loans
  • Risk Based Loans
  • Payday Alternative Loans (PAL Loans)
  • ATM/Debit Card Program
  • Check Cashing

Financial Summary

» See also Statement of Financial Condition
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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