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RED WING CREDIT UNION

Dec, 31, 2023 — RED WING CREDIT UNION is a federally insured state chartered credit union headquartered in RED WING, MN with 1 branch location and about $168.61 million in total assets. Opened 70 years ago in 1954, RED WING CREDIT UNION has about 9,450 members and employs 32 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:9,450
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, 2023
FHLB Member:Yes
Low Income Designation:No
Assets:$168,613,746
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 9,807,609
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 54,462,427
 Unsecured Loans 3,565,241
 Other Loans 43,710,966
 TOTAL LOANS 101,762,134
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -292,816
 Land And Building 547,950
 Other Fixed Assets 1,684,004
 NCUSIF Deposit 1,484,449
 All Other Assets 0
  TOTAL ASSETS 168,613,746
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities -2,234,967
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 25,655,947
 Regular shares 55,538,150
 All Other Shares & Deposits 73,916,284
  TOTAL SHARES & DEPOSITS 155,110,381
  TOTAL LIABILITIES 152,875,414
 Regular Reserve 0
 Other Reserves -4,734,006
 Undivided Earnings 20,472,338
  TOTAL EQUITY 15,738,332
  TOTAL LIABILITIES, SHARES, & EQUITY 168,613,746
INCOME & EXPENSE  
 Loan Income 4,920,293
 Investment Income 1,661,109
 Other Income 291,946
 Total Employee Compensation & Benefits 2,089,678
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 2,038,288
 Non-operating Income & (Expense) 19,084
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 25,187
 Cost of Funds 1,735,135
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 1,816,497
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