Dec, 31, 2023 — VAREX FEDERAL CREDIT UNION is a federal credit union headquartered in SALT LAKE CITY, UT with 1 branch location and about $17.44 million in total assets. Opened 57 years ago in 1967, VAREX FEDERAL CREDIT UNION has about 1,256 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: | 1,256 |
| 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, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $17,437,066 |
| CEO/Manager: | Tammy Phillips |
| Chairperson: | Dave Pistorius |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 1,865,620 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 2,687,866 |
| Unsecured Loans | 747,558 |
| Other Loans | 6,182,417 |
| TOTAL LOANS | 10,805,064 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -23,632 |
| Land And Building | 0 |
| Other Fixed Assets | 23,499 |
| NCUSIF Deposit | 159,450 |
| All Other Assets | 0 |
| TOTAL ASSETS | 17,437,066 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 39,631 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 12,135 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 2,692,575 |
| Regular shares | 6,091,182 |
| All Other Shares & Deposits | 5,627,356 |
| TOTAL SHARES & DEPOSITS | 14,411,112 |
| TOTAL LIABILITIES | 14,462,878 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 2,974,188 |
| TOTAL EQUITY | 2,974,188 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 17,437,066 |
| INCOME & EXPENSE | |
| Loan Income | 530,278 |
| Investment Income | 112,985 |
| Other Income | 35,483 |
| Total Employee Compensation & Benefits | 275,172 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 194,051 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 15,000 |
| Cost of Funds | 143,643 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 56,408 |
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