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GEM FEDERAL CREDIT UNION

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.


ABA Routing Number: 291378813
Name:GEM FEDERAL CREDIT UNION
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
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

Call Report

  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
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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