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GREAT LAKES FIRST FEDERAL CREDIT UNION

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.


ABA Routing Number: 291172640
Name:GREAT LAKES FIRST FEDERAL CREDIT UNION
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
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

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Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
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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