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VAREX FEDERAL CREDIT UNION

Jun, 30, 2021 — VAREX FEDERAL CREDIT UNION is a federal credit union headquartered in SALT LAKE CITY, UT with 1 branch location and about $20.33 million in total assets. Opened 54 years ago in 1967, VAREX FEDERAL CREDIT UNION has about 1,294 members and employs 4 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


Name:VAREX FEDERAL CREDIT UNION
Address:
(Main Office)
1678 PIONEER RD
SALT LAKE CITY, UT 84104-4205
Phone:(801) 973-5052
Fax:(801) 973-5142
Website:http://www.varexfederalcu.net
Branches:1 branch locations
Members:1,294
Credit Union Type:Federal Credit Union
Charter Number:24773
Membership Type:Service - Health Care
Corporate Credit Union:No
Year Opened:1967
Last Audited:May 01, 2021
FHLB Member:No
Low Income Designation:No
Assets:$20,331,113
CEO/Manager:Tammy Phillips
Chairperson:Dave Pistorius

Call Report

  • Payday Alternative Loans (PAL Loans)
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 2,541,352
TOTAL INVESTMENTS 8,041,940
Loans Held for Sale 0
 
 Real Estate Loans 2,792,325
 Unsecured Loans 498,521
 Other Loans 5,194,618
 TOTAL LOANS 9,476,069
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -22,372
 Land And Building 0
 Other Fixed Assets 44,120
 NCUSIF Deposit 163,805
 All Other Assets 86,199
  TOTAL ASSETS 20,331,113
LIABILITIES & CAPITAL:  
 Dividends Payable 877
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 48,813
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 2,445,613
 Regular shares 6,953,106
 All Other Shares & Deposits 8,081,820
  TOTAL SHARES & DEPOSITS 17,480,539
  TOTAL LIABILITIES 17,530,229
 Regular Reserve 560,000
 Other Reserves 0
 Undivided Earnings 2,240,884
  TOTAL EQUITY 2,800,884
  TOTAL LIABILITIES, SHARES, & EQUITY 20,331,113
INCOME & EXPENSE  
 Loan Income 172,491
 Investment Income 61,989
 Other Income 1,378
 Total Employee Compensation & Benefits 129,947
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 79,788
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 0
 Cost of Funds 9,092
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 37,846
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