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National Credit Union Service Organization

TRANSIT OPERATIONS FEDERAL CREDIT UNION

Dec, 31, 2023 — TRANSIT OPERATIONS FEDERAL CREDIT UNION is a federal credit union headquartered in MINNEAPOLIS, MN with 1 branch location and about $4.17 million in total assets. Opened 88 years ago in 1936, TRANSIT OPERATIONS FEDERAL CREDIT UNION has about 628 members offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


Name:TRANSIT OPERATIONS FEDERAL CREDIT UNION
Address:
(Main Office)
725 N 7TH ST
MINNEAPOLIS, MN 55411
Phone:(612) 338-9985
Fax:
Website:https://tofcu.org
Branches:1 branch locations
Members:628
Credit Union Type:Federal Credit Union
Charter Number:24539
Membership Type:Multiple common bond - Primarily transportation
Corporate Credit Union:No
Year Opened:1936
Last Audited:Dec 01, 2023
FHLB Member:No
Low Income Designation:No
Assets:$4,170,488
CEO/Manager:JoAnn M Schultz
Chairperson:Traci Williamson

Call Report

  • Payday Alternative Loans (PAL Loans)
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 1,131,072
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 0
 Unsecured Loans 230,005
 Other Loans 1,489,708
 TOTAL LOANS 1,719,713
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -74,480
 Land And Building 0
 Other Fixed Assets 1,343
 NCUSIF Deposit 35,534
 All Other Assets 0
  TOTAL ASSETS 4,170,488
LIABILITIES & CAPITAL:  
 Dividends Payable 1,987
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 667
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 534,336
 Regular shares 2,613,016
 All Other Shares & Deposits 320,733
  TOTAL SHARES & DEPOSITS 3,468,085
  TOTAL LIABILITIES 3,470,739
 Regular Reserve 0
 Other Reserves 0
 Undivided Earnings 699,749
  TOTAL EQUITY 699,749
  TOTAL LIABILITIES, SHARES, & EQUITY 4,170,488
INCOME & EXPENSE  
 Loan Income 138,110
 Investment Income 52,531
 Other Income 31,856
 Total Employee Compensation & Benefits 93,874
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 82,731
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 45,560
 Cost of Funds 7,315
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) -1,540
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