FIRST GENERAL CREDIT UNION is no longer an active credit union according to the NCUA. If available, you can view their website at https://www.1stgeneral.com for more information.
Dec, 31, 2023 — FIRST GENERAL CREDIT UNION is a federally insured state chartered credit union headquartered in NORTON SHORES, MI with 2 branch locations and about $61.29 million in total assets. Opened 71 years ago in 1953, FIRST GENERAL CREDIT UNION has about 5,527 members and employs 17 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | FIRST GENERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 589 E ELLIS RD NORTON SHORES, MI 49441-5671 |
| Phone: | (231) 798-4321 |
| Fax: | (231) 798-4321 |
| Website: | https://www.1stgeneral.com |
| Branches: | 2 branch locations |
| Members: | 5,527 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 61455 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1953 |
| Last Audited: | Sep 01, 2020 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $61,291,235 |
| CEO/Manager: | Teresa Mayer |
| Chairperson: | Chartotte Pearson |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 16,994,971 |
| TOTAL INVESTMENTS | 7,576,808 |
| Loans Held for Sale | 191,200 |
| Real Estate Loans | 13,255,331 |
| Unsecured Loans | 1,919,976 |
| Other Loans | 16,579,106 |
| TOTAL LOANS | 31,754,413 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -106,152 |
| Land And Building | 2,176,228 |
| Other Fixed Assets | 43,685 |
| NCUSIF Deposit | 504,606 |
| All Other Assets | 2,155,476 |
| TOTAL ASSETS | 61,291,235 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 8,405 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 766,789 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 6,573,246 |
| Regular shares | 20,418,104 |
| All Other Shares & Deposits | 25,108,139 |
| TOTAL SHARES & DEPOSITS | 52,099,489 |
| TOTAL LIABILITIES | 52,874,683 |
| Regular Reserve | 1,072,574 |
| Other Reserves | 20,963 |
| Undivided Earnings | 7,323,015 |
| TOTAL EQUITY | 8,416,552 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 61,291,235 |
| INCOME & EXPENSE | |
| Loan Income | 410,484 |
| Investment Income | 60,988 |
| Other Income | 71,438 |
| Total Employee Compensation & Benefits | 185,350 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 493,845 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | -22,511 |
| Cost of Funds | 44,215 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | -39,825 |
| ↑ Back to Top | |