Dec, 31, 2023 — MEMBERS FIRST CREDIT UNION is a federally insured state chartered credit union headquartered in MIDLAND, MI with 11 branch locations and about $827.70 million in total assets. Opened 88 years ago in 1936, MEMBERS FIRST CREDIT UNION has about 63,656 members and employs 257 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | MEMBERS FIRST CREDIT UNION |
|---|---|
| Address: (Main Office) | 600 W Wackerly St MIDLAND, MI 48640-4702 |
| Phone: | (855) 835-6328 |
| Fax: | (989) 835-5202 |
| Website: | https://www.mfcu.net |
| Branches: | 11 branch locations |
| Members: | 63,656 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 62076 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1936 |
| Last Audited: | Jun 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $827,697,863 |
| CEO/Manager: | Carrie Iafrate |
| Chairperson: | Robert Cooper |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 32,525,472 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 477,600 |
| Real Estate Loans | 190,241,104 |
| Unsecured Loans | 101,859,361 |
| Other Loans | 311,588,149 |
| TOTAL LOANS | 608,381,948 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -6,485,707 |
| Land And Building | 12,736,301 |
| Other Fixed Assets | 1,803,825 |
| NCUSIF Deposit | 6,576,856 |
| All Other Assets | 0 |
| TOTAL ASSETS | 827,697,863 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 91,714 |
| Notes & Interest Payable | 68,000,000 |
| Accounts Payable & Other Liabilities | 10,902,995 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 139,170,550 |
| Regular shares | 147,666,922 |
| All Other Shares & Deposits | 400,165,474 |
| TOTAL SHARES & DEPOSITS | 687,002,946 |
| TOTAL LIABILITIES | 765,997,655 |
| Regular Reserve | 0 |
| Other Reserves | 4,132,576 |
| Undivided Earnings | 57,567,632 |
| TOTAL EQUITY | 61,700,208 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 827,697,863 |
| INCOME & EXPENSE | |
| Loan Income | 34,353,597 |
| Investment Income | 3,922,094 |
| Other Income | 5,883,212 |
| Total Employee Compensation & Benefits | 20,240,323 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 16,720,945 |
| Non-operating Income & (Expense) | 12,600 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 3,972,218 |
| Cost of Funds | 10,905,988 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 2,483,027 |
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