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VAREX FEDERAL CREDIT UNION

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

Call Report

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

Financial Summary

» See also Statement of Financial Condition
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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