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CORRECTIONS FEDERAL CREDIT UNION

Mar, 31, 2021 — CORRECTIONS FEDERAL CREDIT UNION is a federal credit union headquartered in SOLEDAD, CA with 1 branch location and about $20.11 million in total assets. Opened 62 years ago in 1959, CORRECTIONS FEDERAL CREDIT UNION has about 2,488 members and employs 9 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:2,488
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:$20,105,119
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 2,588,718
TOTAL INVESTMENTS 310,467
Loans Held for Sale 0
 
 Real Estate Loans 0
 Unsecured Loans 1,936,750
 Other Loans 14,881,802
 TOTAL LOANS 16,818,552
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -32,900
 Land And Building 0
 Other Fixed Assets 47,485
 NCUSIF Deposit 148,876
 All Other Assets 223,921
  TOTAL ASSETS 20,105,119
LIABILITIES & CAPITAL:  
 Dividends Payable 25,055
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 196,078
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 150,000
 Share Drafts 1,560,221
 Regular shares 10,990,492
 All Other Shares & Deposits 5,429,987
  TOTAL SHARES & DEPOSITS 17,980,700
  TOTAL LIABILITIES 18,351,833
 Regular Reserve 266,400
 Other Reserves 0
 Undivided Earnings 1,486,886
  TOTAL EQUITY 1,753,286
  TOTAL LIABILITIES, SHARES, & EQUITY 20,105,119
INCOME & EXPENSE  
 Loan Income 287,831
 Investment Income 1,871
 Other Income 34,068
 Total Employee Compensation & Benefits 163,011
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 153,220
 Non-operating Income & (Expense) -332
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense -7,074
 Cost of Funds 13,635
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 43,907
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