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VAREX FEDERAL CREDIT UNION

Dec, 31, 2020 — VAREX FEDERAL CREDIT UNION is a federal credit union headquartered in SALT LAKE CITY, UT with 1 branch location and about $19.19 million in total assets. Opened 54 years ago in 1967, VAREX FEDERAL CREDIT UNION has about 1,303 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:1,303
Credit Union Type:Federal Credit Union
Charter Number:24773
Membership Type:Service - Health Care
Corporate Credit Union:No
Year Opened:1967
Last Audited:Jun 01, 2020
FHLB Member:No
Low Income Designation:No
Assets:$19,191,395
CEO/Manager:Tammy Phillips
Chairperson:Dave Pistorius

Call Report

  • Overdraft Lines of Credit
  • Overdraft Protection
  • Participation Loans
  • Real Estate Loans
  • Share Secured Credit Cards
  • Payday Alternative Loans (PAL Loans)
  • ATM/Debit Card Program
  • Check Cashing
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 2,399,092
TOTAL INVESTMENTS 7,539,892
Loans Held for Sale 0
 
 Real Estate Loans 2,254,631
 Unsecured Loans 521,489
 Other Loans 5,434,741
 TOTAL LOANS 9,069,262
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -25,542
 Land And Building 0
 Other Fixed Assets 13
 NCUSIF Deposit 133,086
 All Other Assets 75,592
  TOTAL ASSETS 19,191,395
LIABILITIES & CAPITAL:  
 Dividends Payable 2,158
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 45,707
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 2,512,795
 Regular shares 6,595,577
 All Other Shares & Deposits 7,272,120
  TOTAL SHARES & DEPOSITS 16,380,492
  TOTAL LIABILITIES 16,428,357
 Regular Reserve 560,000
 Other Reserves 0
 Undivided Earnings 2,203,038
  TOTAL EQUITY 2,763,038
  TOTAL LIABILITIES, SHARES, & EQUITY 19,191,395
INCOME & EXPENSE  
 Loan Income 350,911
 Investment Income 151,046
 Other Income 51,246
 Total Employee Compensation & Benefits 264,409
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 158,117
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 25,000
 Cost of Funds 47,629
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 58,048
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