Dec, 31, 2023 — DIVERSIFIED MEMBERS CREDIT UNION is a federally insured state chartered credit union headquartered in DETROIT, MI with 4 branch locations and about $481.14 million in total assets. Opened 95 years ago in 1929, DIVERSIFIED MEMBERS CREDIT UNION has about 30,356 members and employs 83 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | DIVERSIFIED MEMBERS CREDIT UNION |
|---|---|
| Address: (Main Office) | 1480 E Jefferson Ave DETROIT, MI 48207 |
| Phone: | (313) 568-5000 |
| Fax: | (313) 568-6170 |
| Website: | https://dmcu.com |
| Branches: | 4 branch locations |
| Members: | 30,356 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 62339 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1929 |
| Last Audited: | Dec 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $481,141,873 |
| CEO/Manager: | Sati Smith |
| Chairperson: | David H Brooks III |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 83,781,576 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 3,076,283 |
| Real Estate Loans | 150,520,548 |
| Unsecured Loans | 26,198,493 |
| Other Loans | 101,990,265 |
| TOTAL LOANS | 278,709,306 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -2,272,000 |
| Land And Building | 6,190,769 |
| Other Fixed Assets | 193,424 |
| NCUSIF Deposit | 3,438,975 |
| All Other Assets | 0 |
| TOTAL ASSETS | 481,141,873 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 855,462 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 6,626,740 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 33,842,386 |
| Regular shares | 166,207,009 |
| All Other Shares & Deposits | 197,258,268 |
| TOTAL SHARES & DEPOSITS | 397,307,663 |
| TOTAL LIABILITIES | 404,789,865 |
| Regular Reserve | 0 |
| Other Reserves | -5,150,601 |
| Undivided Earnings | 81,502,609 |
| TOTAL EQUITY | 76,352,008 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 481,141,873 |
| INCOME & EXPENSE | |
| Loan Income | 16,156,282 |
| Investment Income | 4,269,996 |
| Other Income | 3,415,538 |
| Total Employee Compensation & Benefits | 8,483,983 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 10,010,975 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 1,540,193 |
| Cost of Funds | 5,854,157 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | -9,157,492 |
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