Dec, 31, 2023 — ALLEGAN CREDIT UNION is a federally insured state chartered credit union headquartered in GRANDVILLE, MI with 5 branch locations and about $152.45 million in total assets. Opened 79 years ago in 1945, ALLEGAN CREDIT UNION has about 14,013 members and employs 51 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | ALLEGAN CREDIT UNION |
|---|---|
| Address: (Main Office) | 3121 Macatawa Dr SW GRANDVILLE, MI 49418 |
| Phone: | (616) 406-2480 |
| Fax: | |
| Website: | https://www.allegancu.com |
| Branches: | 5 branch locations |
| Members: | 14,013 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 68729 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1945 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $152,446,422 |
| CEO/Manager: | Kristopher Lewis |
| Chairperson: | Greg Golembiewski |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 7,872,512 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 49,582,668 |
| Unsecured Loans | 8,561,144 |
| Other Loans | 51,928,077 |
| TOTAL LOANS | 110,071,889 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,577,598 |
| Land And Building | 3,036,556 |
| Other Fixed Assets | 220,818 |
| NCUSIF Deposit | 1,346,691 |
| All Other Assets | 0 |
| TOTAL ASSETS | 152,446,422 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 94,078 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 2,091,577 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 27,172,728 |
| Regular shares | 51,237,413 |
| All Other Shares & Deposits | 52,863,652 |
| TOTAL SHARES & DEPOSITS | 131,273,793 |
| TOTAL LIABILITIES | 133,459,448 |
| Regular Reserve | 0 |
| Other Reserves | 9,278,667 |
| Undivided Earnings | 9,708,307 |
| TOTAL EQUITY | 18,986,974 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 152,446,422 |
| INCOME & EXPENSE | |
| Loan Income | 6,595,255 |
| Investment Income | 673,567 |
| Other Income | 1,146,418 |
| Total Employee Compensation & Benefits | 3,319,255 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 3,890,119 |
| Non-operating Income & (Expense) | 1,060,496 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 792,128 |
| Cost of Funds | 845,118 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,570,908 |
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