Dec, 31, 2021 — MERIWEST CREDIT UNION is a federally insured state chartered credit union headquartered in SAN JOSE, CA with 11 branch locations and about $2.04 billion in total assets. Opened 61 years ago in 1961, MERIWEST CREDIT UNION has about 91,310 members and employs 222 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | MERIWEST CREDIT UNION |
|---|---|
| Address: (Main Office) | 5615 Chesbro Ave SAN JOSE, CA 95123-3046 |
| Phone: | (408) 972-5222 |
| Fax: | (408) 363-3298 |
| Website: | http://www.meriwest.com |
| Branches: | 11 branch locations |
| Members: | 91,310 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 68394 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1961 |
| Last Audited: | Sep 01, 2021 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $2,043,643,160 |
| CEO/Manager: | Julie Kirsch |
| Chairperson: | Arthur Jue |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 90,066,607 |
| TOTAL INVESTMENTS | 465,452,692 |
| Loans Held for Sale | 6,517,189 |
| Real Estate Loans | 1,030,247,877 |
| Unsecured Loans | 32,999,520 |
| Other Loans | 370,859,634 |
| TOTAL LOANS | 1,434,107,031 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -8,031,106 |
| Land And Building | 4,231,120 |
| Other Fixed Assets | 1,791,679 |
| NCUSIF Deposit | 13,872,301 |
| All Other Assets | 35,635,647 |
| TOTAL ASSETS | 2,043,643,160 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 7,236 |
| Notes & Interest Payable | 167,768,117 |
| Accounts Payable & Other Liabilities | 23,319,867 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 90,572,259 |
| Regular shares | 976,360,034 |
| All Other Shares & Deposits | 637,042,320 |
| TOTAL SHARES & DEPOSITS | 1,703,974,613 |
| TOTAL LIABILITIES | 1,895,069,833 |
| Regular Reserve | 24,133,350 |
| Other Reserves | -26,844,113 |
| Undivided Earnings | 151,284,090 |
| TOTAL EQUITY | 148,573,327 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 2,043,643,160 |
| INCOME & EXPENSE | |
| Loan Income | 49,649,915 |
| Investment Income | 4,162,607 |
| Other Income | 4,957,472 |
| Total Employee Compensation & Benefits | 32,250,385 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 17,632,581 |
| Non-operating Income & (Expense) | 193,881 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 515,807 |
| Cost of Funds | 9,148,313 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 9,539,687 |
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