Dec, 31, 2023 — FREESTAR FINANCIAL CREDIT UNION is a federally insured state chartered credit union headquartered in CLINTON TOWNSHIP, MI with 7 branch locations and about $321.22 million in total assets. Opened 67 years ago in 1957, FREESTAR FINANCIAL CREDIT UNION has about 21,676 members and employs 77 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | FREESTAR FINANCIAL CREDIT UNION |
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Address: (Main Office) | 37570 S Gratiot Ave CLINTON TOWNSHIP, MI 48036 |
Phone: | (586) 466-7800 |
Fax: | (586) 468-6881 |
Website: | https://www.freestarfinancial.com |
Branches: | 7 branch locations |
Members: | 21,676 |
Credit Union Type: | Federally Insured State Chartered Credit Union |
Charter Number: | 60406 |
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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: | $321,216,421 |
CEO/Manager: | Drema D Isaac |
Chairperson: | Raymond W White Jr. |
ASSETS: | $ Amount |
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Cash & Equivalents | 15,113,256 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 95,528,381 |
Unsecured Loans | 23,383,251 |
Other Loans | 92,880,531 |
TOTAL LOANS | 211,838,333 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,355,726 |
Land And Building | 11,268,795 |
Other Fixed Assets | 1,258,147 |
NCUSIF Deposit | 2,659,641 |
All Other Assets | 0 |
TOTAL ASSETS | 321,216,421 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 0 |
Notes & Interest Payable | 5,000,000 |
Accounts Payable & Other Liabilities | 6,617,344 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 49,181,307 |
Regular shares | 87,851,597 |
All Other Shares & Deposits | 147,694,068 |
TOTAL SHARES & DEPOSITS | 284,726,972 |
TOTAL LIABILITIES | 296,344,316 |
Regular Reserve | 0 |
Other Reserves | 2,490,013 |
Undivided Earnings | 22,382,092 |
TOTAL EQUITY | 24,872,105 |
TOTAL LIABILITIES, SHARES, & EQUITY | 321,216,421 |
INCOME & EXPENSE | |
Loan Income | 10,485,419 |
Investment Income | 2,157,966 |
Other Income | 3,046,087 |
Total Employee Compensation & Benefits | 6,133,793 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 5,600,363 |
Non-operating Income & (Expense) | 0 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 971,144 |
Cost of Funds | 3,416,413 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 1,072,918 |
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