| Red Crown Credit Union Facts | As of December 2020 |
|---|---|
| Founded | February 8, 1938 |
| Organization Type | A member-owned, not-for-profit cooperative financial institution. |
| Charter | Federal |
| Regulatory Agency | National Credit Union Administration (NCUA) |
| Board of Directors | Seven Board Members. Elected to three year terms. |
| Total Membership | 26,432 |
| Total Assets | $240,895,312 |
| Number of Locations | Four |
| Counties Served | Eight |
| ATM Networks | Transfund ATM Network |
| Insured By | Your savings are federally insured to at least $250,000 and backed by the full faith and credit of the United States government. |
Red Crown Credit Union Financials
Statement of Condition
| Assets | 2020 | 2019 |
|---|---|---|
| Cash | 38,873,249 | 31,449,767 |
| Investments | 30,129,183 | 11,721,304 |
| Loans | 160,305,889 | 166,530,033 |
| Allowance for Loan Loss | (1,257,018) | (1,268,036) |
| Other Assets | 12,844,009 | 13,218,414 |
| Total Assets | $240,895,312 | $221,651,482 |
| Liabilities and Member Equity | ||
| Member Shares and Certificates | 210,647,427 | 191,631,871 |
| Borrowed Funds | 10,047,100 | 12,094,200 |
| Other Liabilities | 1,849,525 | 1,177,432 |
| Total Liabilities | 222,544,052 | 204,903,503 |
| Member Equity | 18,351,261 | 16,747,979 |
| Total Liabilities and Equity | $240,895,312 | $221,651,482 |
Statement of Income
| Interest Income | 2020 | 2019 |
|---|---|---|
| Interest on Loans | 8,456,298 | 8,831,118 |
| Interest on Investments | 469,795 | 741,957 |
| Total Interest Income | $8,926,094 | $9,573,075 |
| Interest Expense | ||
| Member Shares and Certificates | 1,590,564 | 2,069,066 |
| Borrowings | 289,204 | 364,032 |
| Total Interest Expense | $1,879,767 | $2,433,098 |
| Net Interest before Provision | 7,046,326 | 7,139,977 |
| Provision for Losses on Loans | (1,272,000) | (1,612,700) |
| Net Interest after Provision | $5,774,326 | $5,527,277 |
| Non-Interest Income | $2,373,751 | $2,670,378 |
| Non-Interest Expense | ||
| Compensation and Benefits | 3,967,182 | 3,970,530 |
| Office Occupancy and Operations | 1,682,509 | 1,597,782 |
| Other Expenses | 2,123,328 | 2,255,671 |
| Total Non-Interest Expense | 7,773,019 | 7,823,983 |
| Non-Operating Gain (Loss) | 897,457 | 429,855 |
| Net Income | $1,272,516 | $803,527 |
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