Dec, 31, 2023 — GRACO FEDERAL CREDIT UNION is a federal credit union headquartered in ALMA, MI with 1 branch location and about $29.68 million in total assets. Opened 62 years ago in 1962, GRACO FEDERAL CREDIT UNION has about 3,383 members and employs 12 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | GRACO FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 835 W Warwick Dr ALMA, MI 48801-1147 |
| Phone: | (989) 463-1247 |
| Fax: | (989) 285-1583 |
| Website: | https://www.gracofcu.org |
| Branches: | 1 branch locations |
| Members: | 3,383 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 15304 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1962 |
| Last Audited: | Apr 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $29,683,922 |
| CEO/Manager: | Stacy Grube |
| Chairperson: | Duane Barclay |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 5,869,993 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 1,411,647 |
| Unsecured Loans | 1,258,376 |
| Other Loans | 15,957,047 |
| TOTAL LOANS | 18,627,070 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -155,808 |
| Land And Building | 1,466,416 |
| Other Fixed Assets | 130,715 |
| NCUSIF Deposit | 279,503 |
| All Other Assets | 0 |
| TOTAL ASSETS | 29,683,922 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 2,216 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 246,550 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 6,003,870 |
| Regular shares | 16,429,397 |
| All Other Shares & Deposits | 4,174,669 |
| TOTAL SHARES & DEPOSITS | 26,607,936 |
| TOTAL LIABILITIES | 26,856,702 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 2,827,220 |
| TOTAL EQUITY | 2,827,220 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 29,683,922 |
| INCOME & EXPENSE | |
| Loan Income | 1,097,911 |
| Investment Income | 330,918 |
| Other Income | 123,548 |
| Total Employee Compensation & Benefits | 426,122 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 850,871 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 169,800 |
| Cost of Funds | 38,831 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 359,884 |
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