Sep, 30, 2025 — QUALSTAR CREDIT UNION is a federally insured state chartered credit union headquartered in BOTHELL, WA with 4 branch locations and about $891.43 million in total assets. Opened 74 years ago in 1952, QUALSTAR CREDIT UNION has about 68,046 members and employs 125 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | QUALSTAR CREDIT UNION |
|---|---|
| Address: (Main Office) | 24000 35th Ave SE # 200 BOTHELL, WA 98021-8990 |
| Phone: | (800) 848-0018 |
| Fax: | |
| Website: | https://www.qualstarcu.com |
| Branches: | 4 branch locations |
| Members: | 68,046 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 68223 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1952 |
| Last Audited: | Sep 01, 2024 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $891,431,367 |
| CEO/Manager: | MICHAEL G ELFSTROM |
| Chairperson: | MITCH JOHNSON |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 74,543,906 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 252,772,594 |
| Unsecured Loans | 87,117,326 |
| Other Loans | 222,649,461 |
| TOTAL LOANS | 562,539,381 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -13,230,288 |
| Land And Building | 14,089,987 |
| Other Fixed Assets | 1,527,447 |
| NCUSIF (National Credit Union Share Insurance Fund) Deposit | 6,377,027 |
| All Other Assets | 464,778 |
| TOTAL ASSETS | 891,431,367 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 1,386,828 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 9,064,323 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 141,923,286 |
| Regular shares | 77,507,009 |
| All Other Shares & Deposits | 515,709,725 |
| TOTAL SHARES & DEPOSITS | 735,140,020 |
| TOTAL LIABILITIES | 745,591,171 |
| Regular Reserve | 0 |
| Other Reserves | 15,626,338 |
| Undivided Earnings | 130,213,858 |
| TOTAL EQUITY | 145,840,196 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 891,431,367 |
| INCOME & EXPENSE | |
| Loan Income | 32,703,876 |
| Investment Income | 7,273,812 |
| Other Income | 2,059,289 |
| Total Employee Compensation & Benefits | 9,560,971 |
| NCUSIF (National Credit Union Share Insurance Fund) Premiums Expense | 0 |
| Total Other Operating Expenses | 8,182,592 |
| Non-operating Income & (Expense) | 1,547,291 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 7,747,635 |
| Cost of Funds | 12,933,720 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 9,239,237 |
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