Dec, 31, 2023 — SOVITA CREDIT UNION is a federally insured state chartered credit union headquartered in FLINT, MI with 5 branch locations and about $508.74 million in total assets. Opened 90 years ago in 1934, SOVITA CREDIT UNION has about 18,443 members and employs 76 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | SOVITA CREDIT UNION |
|---|---|
| Address: (Main Office) | 4411 Calkins Rd FLINT, MI 48532 |
| Phone: | (810) 720-8300 |
| Fax: | (810) 720-8302 |
| Website: | https://www.sovitacu.org |
| Branches: | 5 branch locations |
| Members: | 18,443 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 60666 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1934 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $508,744,148 |
| CEO/Manager: | Patrick J White |
| Chairperson: | Patricia R Gooch |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 60,163,152 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 71,055,259 |
| Unsecured Loans | 10,299,474 |
| Other Loans | 48,866,910 |
| TOTAL LOANS | 130,285,397 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -879,800 |
| Land And Building | 4,221,110 |
| Other Fixed Assets | 346,576 |
| NCUSIF Deposit | 4,374,230 |
| All Other Assets | 0 |
| TOTAL ASSETS | 508,744,148 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 196,406 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 2,106,070 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 84,886,387 |
| Regular shares | 147,783,774 |
| All Other Shares & Deposits | 210,061,918 |
| TOTAL SHARES & DEPOSITS | 442,732,079 |
| TOTAL LIABILITIES | 445,113,250 |
| Regular Reserve | 0 |
| Other Reserves | 58,130,307 |
| Undivided Earnings | 5,500,591 |
| TOTAL EQUITY | 63,630,898 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 508,744,148 |
| INCOME & EXPENSE | |
| Loan Income | 5,568,449 |
| Investment Income | 9,166,792 |
| Other Income | 1,369,577 |
| Total Employee Compensation & Benefits | 4,841,584 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 4,855,696 |
| Non-operating Income & (Expense) | 307,066 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 145,111 |
| Cost of Funds | 3,239,051 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 5,500,592 |
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