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RED LAKE CO OP FEDERAL CREDIT UNION

Jun, 30, 2021 — RED LAKE CO OP FEDERAL CREDIT UNION is a federal credit union headquartered in RED LAKE FALLS, MN with 1 branch location and about $8.42 million in total assets. Opened 72 years ago in 1949, RED LAKE CO OP FEDERAL CREDIT UNION has about 1,507 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:RED LAKE CO OP FEDERAL CREDIT UNION
Address:
(Main Office)
PO BOX 154
RED LAKE FALLS, MN 56750
Phone:(218) 253-2775
Fax:(218) 253-4958
Website:http://redlakecfcu.com
Branches:1 branch locations
Members:1,507
Credit Union Type:Federal Credit Union
Charter Number:6144
Membership Type:Associational - Other than religious or fraternal, or 'low-income'
Corporate Credit Union:No
Year Opened:1949
Last Audited:Dec 01, 2020
FHLB Member:No
Low Income Designation:No
Assets:$8,415,084
CEO/Manager:Lori L Hagl
Chairperson:Joel Q Lehrer

Call Report

  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 1,595,992
TOTAL INVESTMENTS 2,697,775
Loans Held for Sale 0
 
 Real Estate Loans 610,748
 Unsecured Loans 10,862
 Other Loans 3,143,631
 TOTAL LOANS 3,957,262
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -11,385
 Land And Building 65,452
 Other Fixed Assets 10,417
 NCUSIF Deposit 65,337
 All Other Assets 34,234
  TOTAL ASSETS 8,415,084
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 6,580
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 791,051
 Regular shares 6,864,287
 All Other Shares & Deposits 0
  TOTAL SHARES & DEPOSITS 7,655,338
  TOTAL LIABILITIES 7,661,918
 Regular Reserve 114,579
 Other Reserves 0
 Undivided Earnings 638,587
  TOTAL EQUITY 753,166
  TOTAL LIABILITIES, SHARES, & EQUITY 8,415,084
INCOME & EXPENSE  
 Loan Income 83,841
 Investment Income 7,408
 Other Income 3,623
 Total Employee Compensation & Benefits 64,651
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 50,781
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 0
 Cost of Funds 4,168
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) -4,474
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