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National Credit Union Service Organization

RED WING CREDIT UNION

Jun, 30, 2023 — 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 70 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

Call Report

  • First Time Homebuyer Program
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
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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