Red Crown Facts
| 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 | 21,109 |
| Total Assets | $251,197,521 |
| Number of Locations | Five |
| Counties Served | Eight |
| 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. |
Observed Holidays
Our locations observe and close for the following federal holidays:
Online banking and ATMs are available 24/7. However, these services need to be established by credit union staff before they can be accessed.
CO-OP Shared Branching Locations
A CO-OP Shared Branch may have different holiday closing hours. Find their locations and hours of operation.
Relationship Pricing – hidden
Red Crown Relationship Pricing is how we thank our loyal members for using our products and services. Benefits are grouped as Bronze, Silver, Gold, and Platinum. Below is a list of the awards and the requirements for each group:
| Bronze | Silver | Gold | Platinum | |
|---|---|---|---|---|
| Free check cashing | X | X | X | X |
| Free ATM inquiry | X | X | X | |
| No copy fees | X | X | X | |
| Free stop payments | X | X | ||
| 50% off Safe Deposit Box | X | X | ||
| Reduced OOPS fee | X | X | ||
| Free overdraft transfer from savings | X | X | ||
| Free Safe Deposit Box | X | |||
| Free domestic wire transfers | X | |||
| Bonus rate on share certificates | X |
Relationship Pricing Qualifications
Bronze
Silver
Gold
Platinum
Finances
Statement of Condition
| Assets | 2023 | 2022 |
|---|---|---|
| Cash | 15,716,260 | 18,072,412 |
| Investments | 53,775,177 | 56,833,718 |
| Loans | 166,781,074 | 171,361,300 |
| Allowance for Loan Loss | (923,349) | (546,497) |
| Other Assets | 15,848,359 | 12,476,542 |
| Total Assets | $251,197,521 | $258,197,475 |
| Liabilities and Member Equity | ||
|---|---|---|
| Member Shares and Certificates | 219,734,864 | 234,996,875 |
| Borrowed Funds | 17,614,100 | 9,000,000 |
| Other Liabilities | 2,122,778 | 1,421,109 |
| Total Liabilities | 239,471,741 | 245,417,984 |
| Member Equity | 11,725780 | 12,779,491 |
| Total Liabilities and Equity | $251,197,521 | $258,197,475 |
Statement of Income
| Interest Income | 2023 | 2022 |
|---|---|---|
| Interest on Loans | 8,903,777 | 7,970,484 |
| Interest on Investments | 2,099,049 | 1,258,769 |
| Total Interest Income | $11,002,826 | $9,229,253 |
| Interest Expense | ||
|---|---|---|
| Member Shares and Certificates | 2,230,678 | 797,430 |
| Borrowings | 454,420 | 196,372 |
| Total Interest Expense | $2,685,096 | $993,802 |
| Net Interest Before Provision | 8,317,730 | 8,235,451 |
|---|---|---|
| Provision for Losses on Loans | (625,518) | (156,500) |
| Net Interest After Provision | $7,692,212 | $8,078,951 |
| Non-Interest Income | $2,885,392 | $2,767,091 |
| Non-Interest Expense | ||
|---|---|---|
| Compensation and Benefits | 5,056,952 | 4,829,526 |
| Office Occupancy and Operations | 2,303,440 | 2,053,638 |
| Other Expenses | 2,805,728 | 2,552,868 |
| Total Non-Interest Expense | 10,166,121 | 9,436,032 |
| Non-Operating Gain (Loss) | (225,805) | 277,862 |
| Net Income | $185,679 | $1,687,872 |
Annual Meeting – hidden
The Red Crown Credit Union Annual Meeting and Election will be held on Tuesday, April 2, 2024 at 3:00pm in the Red Crown Credit Union Board Room located at the Red Crown Credit Union Southtown location (5001 E. 91st St. Tulsa, OK. 74137).
In accordance with the Credit Union’s Bylaws, the Nominating Committee Secretary hereby submits the following Annual Election Notice: There are three, 3-year terms expiring to be fulfilled on the Board of Directors. The following three Volunteers have been nominated for election by the Nominating Committee:
An election will not be conducted by ballot where there is only one nominee for each position to be filled. If there is at least one nomination by petition, an election will be held in the branches by ballot two weeks prior to the Annual Meeting. If there are no nominations by petition, the candidates nominated by the committee will be elected by acclamation at the Annual Meeting.
Red Crown Credit Union members who are not nominated by the Committee, but would like to run for election, may pursue nomination by petition. Any member who wants to submit a nomination by petition must obtain a Petition Packet from the Red Crown Credit Union Southtown location. When returned, the petition must be signed by one percent of the membership with a maximum of 500. As of November 30, 2023 Red Crown Credit Union had 21,633 members and therefore the Nomination Petition must be signed by at least 216 Red Crown Credit Union primary account holders.
Each Nominee by Petition shall submit a Statement of Qualifications, Biographical Data and a signed Certificate stating that they are agreeable to nomination and will serve, if elected, to office. All petitions must be returned to the Red Crown Credit Union Southtown location by February 23, 2024.
Board of Directors
The Red Crown Board of Directors consists of members who are elected by our members at our Annual Meeting. The board then elects officers, which include: Chairman, Vice-Chairman, Treasurer and Secretary. In addition to being a member of the board, each member is required to be on a committee and have good attendance.
The main task of the Board of Directors is to direct the business affairs, set policies and direct the long term operations of Red Crown in monthly board meetings.
Our Board Members
Supervisory Committee
The Supervisory Committee is an audit committee that oversees the audits and internal controls of the credit union. They are responsible for ensuring a complete and thorough credit union audit is conducted at least once a year. This helps the board ensure that the financial condition of Red Crown is accurately and fairly presented in the financial statements and that the management’s practices and procedures are sufficient to safeguard members’ assets.
The Supervisory Committee looks out for our members’ best interests. Members are welcome to contact the supervisory committee with any concerns regarding their account at Red Crown. Mail questions or concerns to:
Red Crown Federal Credit Union
Attention: Supervisory Committee
9521-B Riverside Parkway #116
Tulsa, OK 74137
Please include a name and contact information so the Supervisory Committee can respond to your questions or concerns.