Dec, 31, 2023 — SECURITY CREDIT UNION is a federally insured state chartered credit union headquartered in HOLLY, MI with 14 branch locations and about $638.77 million in total assets. Opened 69 years ago in 1955, SECURITY CREDIT UNION has about 52,806 members and employs 164 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | SECURITY CREDIT UNION |
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Address: (Main Office) | 5255 Security Park Blvd HOLLY, MI 48442-9569 |
Phone: | (810) 235-2322 |
Fax: | |
Website: | https://www.securitycu.org |
Branches: | 14 branch locations |
Members: | 52,806 |
Credit Union Type: | Federally Insured State Chartered Credit Union |
Charter Number: | 61159 |
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Membership Type: | State chartered natural person |
Corporate Credit Union: | No |
Year Opened: | 1955 |
Last Audited: | Mar 01, 2023 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $638,770,368 |
CEO/Manager: | Christopher L Estes |
Chairperson: | John Truchan |
ASSETS: | $ Amount |
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Cash & Equivalents | 21,939,847 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 138,993,041 |
Unsecured Loans | 27,442,489 |
Other Loans | 319,834,362 |
TOTAL LOANS | 486,431,857 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -4,814,050 |
Land And Building | 24,393,396 |
Other Fixed Assets | 4,266,170 |
NCUSIF Deposit | 5,330,410 |
All Other Assets | 1,124,873 |
TOTAL ASSETS | 638,770,368 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 423,060 |
Notes & Interest Payable | 39,500,000 |
Accounts Payable & Other Liabilities | 7,504,132 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 7,000,000 |
Share Drafts | 103,635,685 |
Regular shares | 254,885,212 |
All Other Shares & Deposits | 181,106,982 |
TOTAL SHARES & DEPOSITS | 539,627,880 |
TOTAL LIABILITIES | 594,055,072 |
Regular Reserve | 0 |
Other Reserves | 7,360,343 |
Undivided Earnings | 37,354,953 |
TOTAL EQUITY | 44,715,296 |
TOTAL LIABILITIES, SHARES, & EQUITY | 638,770,368 |
INCOME & EXPENSE | |
Loan Income | 25,344,709 |
Investment Income | 2,041,006 |
Other Income | 4,193,525 |
Total Employee Compensation & Benefits | 11,661,930 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 14,138,827 |
Non-operating Income & (Expense) | 9,310 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 2,265,906 |
Cost of Funds | 4,047,036 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 3,134,433 |
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