Dec, 31, 2023 — GREAT LAKES FIRST FEDERAL CREDIT UNION is a federal credit union headquartered in ESCANABA, MI with 2 branch locations and about $92.59 million in total assets. Opened 75 years ago in 1949, GREAT LAKES FIRST FEDERAL CREDIT UNION has about 7,663 members and employs 29 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | GREAT LAKES FIRST FEDERAL CREDIT UNION |
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Address: (Main Office) | 2110 3rd Ave N ESCANABA, MI 49829-2333 |
Phone: | (906) 786-4623 |
Fax: | (906) 786-6724 |
Website: | https://www.glffcu.com |
Branches: | 2 branch locations |
Members: | 7,663 |
Credit Union Type: | Federal Credit Union |
Charter Number: | 6102 |
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Membership Type: | Multiple common bond - Primarily other manufacturing |
Corporate Credit Union: | No |
Year Opened: | 1949 |
Last Audited: | Dec 01, 2022 |
FHLB Member: | No |
Low Income Designation: | No |
Assets: | $92,594,304 |
CEO/Manager: | Sarah J Slagstad |
Chairperson: | Hugo D Mattonen |
ASSETS: | $ Amount |
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Cash & Equivalents | 7,963,021 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 15,315,972 |
Unsecured Loans | 3,573,874 |
Other Loans | 22,836,992 |
TOTAL LOANS | 41,726,838 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -204,935 |
Land And Building | 1,884,575 |
Other Fixed Assets | 676,951 |
NCUSIF Deposit | 850,590 |
All Other Assets | 23,184 |
TOTAL ASSETS | 92,594,304 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 0 |
Notes & Interest Payable | 0 |
Accounts Payable & Other Liabilities | 965,058 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 17,168,397 |
Regular shares | 52,442,785 |
All Other Shares & Deposits | 17,264,328 |
TOTAL SHARES & DEPOSITS | 86,875,510 |
TOTAL LIABILITIES | 87,840,568 |
Regular Reserve | 0 |
Other Reserves | -4,677,152 |
Undivided Earnings | 9,430,888 |
TOTAL EQUITY | 4,753,736 |
TOTAL LIABILITIES, SHARES, & EQUITY | 92,594,304 |
INCOME & EXPENSE | |
Loan Income | 2,586,712 |
Investment Income | 850,597 |
Other Income | 333,730 |
Total Employee Compensation & Benefits | 1,430,243 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 2,178,975 |
Non-operating Income & (Expense) | 16,770 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 31,345 |
Cost of Funds | 373,275 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 316,989 |
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