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National Credit Union Service Organization

IDEAL CREDIT UNION

Jun, 30, 2021 — IDEAL CREDIT UNION is a federally insured state chartered credit union headquartered in WOODBURY, MN with 6 branch locations and about $900.01 million in total assets. Opened 95 years ago in 1926, IDEAL CREDIT UNION has about 51,700 members and employs 176 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: 296076262
Name:IDEAL CREDIT UNION
Address:
(Main Office)
8499 TAMARACK RD
WOODBURY, MN 55125-9201
Phone:(651) 770-7000
Fax:(651) 747-8939
Website:http://www.idealcu.com
Branches:6 branch locations
Members:51,700
Credit Union Type:Federally Insured State Chartered Credit Union
Charter Number:62978
Membership Type:State chartered natural person
Corporate Credit Union:No
Year Opened:1926
Last Audited:Dec 01, 2020
FHLB Member:Yes
Low Income Designation:No
Assets:$900,014,399
CEO/Manager:Brian G Sherrick
Chairperson:Peter Olsen

Call Report

  • First Time Homebuyer Program

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 72,473,293
TOTAL INVESTMENTS 23,034,341
Loans Held for Sale 8,646,143
 
 Real Estate Loans 320,118,532
 Unsecured Loans 29,785,702
 Other Loans 374,608,598
 TOTAL LOANS 724,512,832
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -5,117,408
 Land And Building 17,842,465
 Other Fixed Assets 5,222,043
 NCUSIF Deposit 6,858,537
 All Other Assets 46,542,153
  TOTAL ASSETS 900,014,399
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 54,820,000
 Accounts Payable & Other Liabilities 8,407,352
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 156,807,207
 Regular shares 224,190,027
 All Other Shares & Deposits 367,565,417
  TOTAL SHARES & DEPOSITS 748,562,651
  TOTAL LIABILITIES 811,790,003
 Regular Reserve 10,368,986
 Other Reserves -5,027,357
 Undivided Earnings 82,882,767
  TOTAL EQUITY 88,224,396
  TOTAL LIABILITIES, SHARES, & EQUITY 900,014,399
INCOME & EXPENSE  
 Loan Income 14,761,819
 Investment Income 345,297
 Other Income 2,636,884
 Total Employee Compensation & Benefits 8,287,427
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 5,813,324
 Non-operating Income & (Expense) 122,356
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 671,251
 Cost of Funds 2,060,375
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 4,471,685
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