Dec, 31, 2023 — MAX CREDIT UNION is a federally insured state chartered credit union headquartered in MONTGOMERY, AL with 16 branch locations and about $2.08 billion in total assets. Opened 69 years ago in 1955, MAX CREDIT UNION has about 123,239 members and employs 304 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | MAX CREDIT UNION |
|---|---|
| Address: (Main Office) | 400 Eastdale Cir MONTGOMERY, AL 36117-2114 |
| Phone: | (334) 260-2600 |
| Fax: | (334) 277-5121 |
| Website: | https://www.mymax.com |
| Branches: | 16 branch locations |
| Members: | 123,239 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 68575 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1955 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $2,080,252,064 |
| CEO/Manager: | Martin E Head |
| Chairperson: | Barbara T Starr |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 154,941,714 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 456,289,006 |
| Unsecured Loans | 56,361,272 |
| Other Loans | 556,938,648 |
| TOTAL LOANS | 1,099,015,017 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -14,814,265 |
| Land And Building | 31,095,511 |
| Other Fixed Assets | 5,038,575 |
| NCUSIF Deposit | 17,334,283 |
| All Other Assets | 1,853,123 |
| TOTAL ASSETS | 2,080,252,064 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 3,427,283 |
| Notes & Interest Payable | 12,000,000 |
| Accounts Payable & Other Liabilities | 29,782,423 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 510,271,480 |
| Regular shares | 589,145,548 |
| All Other Shares & Deposits | 756,222,270 |
| TOTAL SHARES & DEPOSITS | 1,855,639,298 |
| TOTAL LIABILITIES | 1,900,849,004 |
| Regular Reserve | 0 |
| Other Reserves | 59,643,807 |
| Undivided Earnings | 119,759,253 |
| TOTAL EQUITY | 179,403,060 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 2,080,252,064 |
| INCOME & EXPENSE | |
| Loan Income | 55,487,398 |
| Investment Income | 22,905,387 |
| Other Income | 11,486,013 |
| Total Employee Compensation & Benefits | 29,475,859 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 32,962,346 |
| Non-operating Income & (Expense) | 15,483 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 4,249,854 |
| Cost of Funds | 17,613,590 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 26,038,768 |
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