Jun, 30, 2024 — RED WING CREDIT UNION is a federally insured state chartered credit union headquartered in RED WING, MN with 1 branch location and about $172.87 million in total assets. Opened 71 years ago in 1954, RED WING CREDIT UNION has about 9,152 members and employs 28 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 WING CREDIT UNION |
|---|---|
| Address: (Main Office) | 3303 N Service Dr RED WING, MN 55066 |
| Phone: | (651) 388-7133 |
| Fax: | (651) 388-7137 |
| Website: | https://www.redwingcu.com |
| Branches: | 1 branch locations |
| Members: | 9,152 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 61778 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1954 |
| Last Audited: | Mar 01, 2022 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $172,865,080 |
| CEO/Manager: | Aaron S DeJong |
| Chairperson: | Daryl Mark |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 10,036,765 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 51,795,463 |
| Unsecured Loans | 3,432,574 |
| Other Loans | 44,221,047 |
| TOTAL LOANS | 99,449,084 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -297,040 |
| Land And Building | 425,542 |
| Other Fixed Assets | 1,946,713 |
| NCUSIF Deposit | 1,484,416 |
| All Other Assets | 0 |
| TOTAL ASSETS | 172,865,080 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 482,756 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 28,890,054 |
| Regular shares | 62,392,619 |
| All Other Shares & Deposits | 69,439,414 |
| TOTAL SHARES & DEPOSITS | 160,722,087 |
| TOTAL LIABILITIES | 161,204,843 |
| Regular Reserve | 0 |
| Other Reserves | -6,324,605 |
| Undivided Earnings | 17,984,842 |
| TOTAL EQUITY | 11,660,237 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 172,865,080 |
| INCOME & EXPENSE | |
| Loan Income | 2,969,785 |
| Investment Income | 721,053 |
| Other Income | 204,751 |
| Total Employee Compensation & Benefits | 1,421,352 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 1,436,270 |
| Non-operating Income & (Expense) | -691 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | -30,495 |
| Cost of Funds | 442,165 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,663,112 |
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