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VAREX FEDERAL CREDIT UNION

Dec, 31, 2021 — VAREX FEDERAL CREDIT UNION is a federal credit union headquartered in SALT LAKE CITY, UT with 1 branch location and about $20.41 million in total assets. Opened 55 years ago in 1967, VAREX FEDERAL CREDIT UNION has about 1,309 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:http://www.varexfederalcu.net
Branches:1 branch locations
Members:1,309
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:$20,413,665
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 2,281,725
TOTAL INVESTMENTS 6,857,982
Loans Held for Sale 0
 
 Real Estate Loans 2,710,752
 Unsecured Loans 1,058,164
 Other Loans 6,492,673
 TOTAL LOANS 11,041,243
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -24,953
 Land And Building 0
 Other Fixed Assets 48,122
 NCUSIF Deposit 163,805
 All Other Assets 45,741
  TOTAL ASSETS 20,413,665
LIABILITIES & CAPITAL:  
 Dividends Payable 805
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 48,271
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 2,458,891
 Regular shares 6,300,649
 All Other Shares & Deposits 8,769,127
  TOTAL SHARES & DEPOSITS 17,528,667
  TOTAL LIABILITIES 17,577,743
 Regular Reserve 560,000
 Other Reserves 0
 Undivided Earnings 2,275,922
  TOTAL EQUITY 2,835,922
  TOTAL LIABILITIES, SHARES, & EQUITY 20,413,665
INCOME & EXPENSE  
 Loan Income 360,048
 Investment Income 118,154
 Other Income 2,922
 Total Employee Compensation & Benefits 265,922
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 162,967
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 2,000
 Cost of Funds 17,595
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 72,885
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