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National Credit Union Service Organization

VAREX FEDERAL CREDIT UNION

Jun, 30, 2023 — VAREX FEDERAL CREDIT UNION is a federal credit union headquartered in SALT LAKE CITY, UT with 1 branch location and about $19.29 million in total assets. Opened 56 years ago in 1967, VAREX FEDERAL CREDIT UNION has about 1,277 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 84104-4298
Phone:(801) 973-5052
Fax:(801) 973-5142
Website:https://www.varexfederalcu.net
Branches:1 branch locations
Members:1,277
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, 2022
FHLB Member:No
Low Income Designation:No
Assets:$19,287,791
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 975,833
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 3,881,436
 Unsecured Loans 724,271
 Other Loans 7,355,323
 TOTAL LOANS 11,961,030
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -34,432
 Land And Building 0
 Other Fixed Assets 38,105
 NCUSIF Deposit 175,287
 All Other Assets 0
  TOTAL ASSETS 19,287,791
LIABILITIES & CAPITAL:  
 Dividends Payable 609
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 45,344
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 2,369,188
 Regular shares 7,712,853
 All Other Shares & Deposits 6,237,882
  TOTAL SHARES & DEPOSITS 16,319,923
  TOTAL LIABILITIES 16,365,876
 Regular Reserve 0
 Other Reserves 0
 Undivided Earnings 2,921,915
  TOTAL EQUITY 2,921,915
  TOTAL LIABILITIES, SHARES, & EQUITY 19,287,791
INCOME & EXPENSE  
 Loan Income 320,379
 Investment Income 75,276
 Other Income 25,899
 Total Employee Compensation & Benefits 188,993
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 128,505
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 12,000
 Cost of Funds 14,834
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 85,992
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