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METCO CREDIT UNION

Dec, 31, 2023 — METCO CREDIT UNION is a federally insured state chartered credit union headquartered in CEDAR RAPIDS, IA with 1 branch location and about $51.12 million in total assets. Opened 67 years ago in 1957, METCO CREDIT UNION has about 3,266 members and employs 8 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


Name:METCO CREDIT UNION
Address:
(Main Office)
115 8th Ave SW
CEDAR RAPIDS, IA 52404
Phone:(319) 398-5007
Fax:(319) 398-5234
Website:https://www.metcocu.org
Branches:1 branch locations
Members:3,266
Credit Union Type:Federally Insured State Chartered Credit Union
Charter Number:60013
Membership Type:State chartered natural person
Corporate Credit Union:No
Year Opened:1957
Last Audited:Dec 01, 2022
FHLB Member:Yes
Low Income Designation:No
Assets:$51,121,308
CEO/Manager:Brad Mertens
Chairperson:Ann Olson

Call Report

  • Credit Builder
  • First Time Homebuyer Program
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 7,055,049
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 22,286,498
 Unsecured Loans 1,101,398
 Other Loans 8,865,455
 TOTAL LOANS 32,346,734
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -148,374
 Land And Building 155,169
 Other Fixed Assets 74,524
 NCUSIF Deposit 416,051
 All Other Assets 0
  TOTAL ASSETS 51,121,308
LIABILITIES & CAPITAL:  
 Dividends Payable 29
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 555,933
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 10,033,476
 Regular shares 16,601,267
 All Other Shares & Deposits 16,516,486
  TOTAL SHARES & DEPOSITS 43,151,229
  TOTAL LIABILITIES 43,707,191
 Regular Reserve 0
 Other Reserves 1,685,714
 Undivided Earnings 5,728,403
  TOTAL EQUITY 7,414,117
  TOTAL LIABILITIES, SHARES, & EQUITY 51,121,308
INCOME & EXPENSE  
 Loan Income 1,864,276
 Investment Income 518,403
 Other Income 188,856
 Total Employee Compensation & Benefits 636,856
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 784,008
 Non-operating Income & (Expense) 119,188
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 74,080
 Cost of Funds 373,277
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 1,065,106
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