GEM FEDERAL CREDIT UNION is no longer an active credit union according to the NCUA. If available, you can view their website at https://gemcu.org for more information.
Dec, 31, 2023 — GEM FEDERAL CREDIT UNION is a federal credit union headquartered in MINOT, ND with 1 branch location and about $35.56 million in total assets. Opened 84 years ago in 1940, GEM FEDERAL CREDIT UNION has about 1,871 members and employs 6 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | GEM FEDERAL CREDIT UNION |
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Address: (Main Office) | PO BOX 1606 MINOT, ND 58702 |
Phone: | (701) 852-3866 |
Fax: | (701) 852-4311 |
Website: | https://gemcu.org |
Branches: | 1 branch locations |
Members: | 1,871 |
Credit Union Type: | Federal Credit Union |
Charter Number: | 3660 |
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Membership Type: | Multiple common bond - Primarily federal, state, local government |
Corporate Credit Union: | No |
Year Opened: | 1940 |
Last Audited: | Jun 01, 2021 |
FHLB Member: | No |
Low Income Designation: | No |
Assets: | $35,559,774 |
CEO/Manager: | KIM M COLBENSON |
Chairperson: | DAVID LAKEFIELD |
ASSETS: | $ Amount |
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Cash & Equivalents | 7,407,411 |
TOTAL INVESTMENTS | 12,695,000 |
Loans Held for Sale | 0 |
Real Estate Loans | 3,089,748 |
Unsecured Loans | 1,002,748 |
Other Loans | 10,456,831 |
TOTAL LOANS | 14,549,327 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -130,000 |
Land And Building | 686,481 |
Other Fixed Assets | 6,099 |
NCUSIF Deposit | 286,867 |
All Other Assets | 58,589 |
TOTAL ASSETS | 35,559,774 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 0 |
Notes & Interest Payable | 0 |
Accounts Payable & Other Liabilities | 85,193 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 5,971,375 |
Regular shares | 15,255,656 |
All Other Shares & Deposits | 11,395,329 |
TOTAL SHARES & DEPOSITS | 32,622,360 |
TOTAL LIABILITIES | 32,707,553 |
Regular Reserve | 397,707 |
Other Reserves | 0 |
Undivided Earnings | 2,454,514 |
TOTAL EQUITY | 2,852,221 |
TOTAL LIABILITIES, SHARES, & EQUITY | 35,559,774 |
INCOME & EXPENSE | |
Loan Income | 581,700 |
Investment Income | 212,439 |
Other Income | 99,527 |
Total Employee Compensation & Benefits | 465,225 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 376,922 |
Non-operating Income & (Expense) | 0 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | -19,142 |
Cost of Funds | 46,611 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 149,100 |
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