Dec, 31, 2023 — CORNERSTONE CREDIT UNION is a federally insured state chartered credit union headquartered in FREEPORT, IL with 3 branch locations and about $142.50 million in total assets. Opened 85 years ago in 1939, CORNERSTONE CREDIT UNION has about 9,511 members and employs 36 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | CORNERSTONE CREDIT UNION |
|---|---|
| Address: (Main Office) | 550 W Meadows Dr FREEPORT, IL 61032-7610 |
| Phone: | (815) 235-5855 |
| Fax: | (815) 235-5970 |
| Website: | https://www.cornerstonecu.org |
| Branches: | 3 branch locations |
| Members: | 9,511 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 60189 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1939 |
| Last Audited: | Dec 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $142,504,905 |
| CEO/Manager: | Gail L Clore |
| Chairperson: | Connie Kraft |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 4,189,238 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 39,361,130 |
| Unsecured Loans | 2,941,486 |
| Other Loans | 50,096,224 |
| TOTAL LOANS | 92,398,839 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -872,139 |
| Land And Building | 3,440,859 |
| Other Fixed Assets | 244,876 |
| NCUSIF Deposit | 1,205,683 |
| All Other Assets | 0 |
| TOTAL ASSETS | 142,504,905 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 9,497 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 2,115,415 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 25,581,217 |
| Regular shares | 54,268,459 |
| All Other Shares & Deposits | 45,865,861 |
| TOTAL SHARES & DEPOSITS | 125,715,537 |
| TOTAL LIABILITIES | 127,840,449 |
| Regular Reserve | 0 |
| Other Reserves | 2,364,029 |
| Undivided Earnings | 12,300,427 |
| TOTAL EQUITY | 14,664,456 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 142,504,905 |
| INCOME & EXPENSE | |
| Loan Income | 4,422,695 |
| Investment Income | 1,652,652 |
| Other Income | 1,088,852 |
| Total Employee Compensation & Benefits | 2,628,642 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 2,548,171 |
| Non-operating Income & (Expense) | 1,834 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 81,569 |
| Cost of Funds | 2,109,903 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 552,779 |
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