Dec, 31, 2023 — DOWNRIVER COMMUNITY FEDERAL CREDIT UNION is a federal credit union headquartered in SOUTHGATE, MI with 4 branch locations and about $185.41 million in total assets. Opened 82 years ago in 1942, DOWNRIVER COMMUNITY FEDERAL CREDIT UNION has about 12,953 members and employs 44 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | DOWNRIVER COMMUNITY FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 15261 Trenton Rd SOUTHGATE, MI 48195-3167 |
| Phone: | (313) 386-2200 |
| Fax: | |
| Website: | https://www.downrivercu.com |
| Branches: | 4 branch locations |
| Members: | 12,953 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 4853 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1942 |
| Last Audited: | Jun 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $185,407,876 |
| CEO/Manager: | Robert P LaPalme |
| Chairperson: | Ceasar Randazzo |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 8,423,939 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 24,034,689 |
| Unsecured Loans | 10,785,338 |
| Other Loans | 32,857,244 |
| TOTAL LOANS | 67,770,566 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -956,398 |
| Land And Building | 6,299,571 |
| Other Fixed Assets | 531,286 |
| NCUSIF Deposit | 1,836,524 |
| All Other Assets | 0 |
| TOTAL ASSETS | 185,407,876 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 89,668 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 3,238,253 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 32,409,702 |
| Regular shares | 71,807,254 |
| All Other Shares & Deposits | 74,097,639 |
| TOTAL SHARES & DEPOSITS | 178,314,595 |
| TOTAL LIABILITIES | 181,642,516 |
| Regular Reserve | 0 |
| Other Reserves | -11,492,621 |
| Undivided Earnings | 15,257,981 |
| TOTAL EQUITY | 3,765,360 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 185,407,876 |
| INCOME & EXPENSE | |
| Loan Income | 4,031,048 |
| Investment Income | 2,712,071 |
| Other Income | 1,535,837 |
| Total Employee Compensation & Benefits | 3,708,741 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 3,430,060 |
| Non-operating Income & (Expense) | -73,245 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 690,991 |
| Cost of Funds | 597,095 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,028,723 |
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