Dec, 31, 2023 — MICHIGAN ONE COMMUNITY CREDIT UNION is a federally insured state chartered credit union headquartered in IONIA, MI with 5 branch locations and about $212.11 million in total assets. Opened 70 years ago in 1954, MICHIGAN ONE COMMUNITY CREDIT UNION has about 18,798 members and employs 54 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | MICHIGAN ONE COMMUNITY CREDIT UNION |
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Address: (Main Office) | 510 S Dexter St IONIA, MI 48846 |
Phone: | (616) 527-3900 |
Fax: | (616) 527-4211 |
Website: | https://www.m1ccu.org |
Branches: | 5 branch locations |
Members: | 18,798 |
Credit Union Type: | Federally Insured State Chartered Credit Union |
Charter Number: | 62169 |
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Membership Type: | State chartered natural person |
Corporate Credit Union: | No |
Year Opened: | 1954 |
Last Audited: | Dec 01, 2022 |
FHLB Member: | No |
Low Income Designation: | No |
Assets: | $212,105,657 |
CEO/Manager: | Hailie Patterson |
Chairperson: | Michael Walczak |
ASSETS: | $ Amount |
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Cash & Equivalents | 19,930,296 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 85,606,184 |
Unsecured Loans | 4,368,543 |
Other Loans | 77,613,306 |
TOTAL LOANS | 167,588,033 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -549,774 |
Land And Building | 3,555,896 |
Other Fixed Assets | 140,696 |
NCUSIF Deposit | 1,824,033 |
All Other Assets | 0 |
TOTAL ASSETS | 212,105,657 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 0 |
Notes & Interest Payable | 0 |
Accounts Payable & Other Liabilities | 2,386,000 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 36,030,618 |
Regular shares | 59,074,195 |
All Other Shares & Deposits | 95,441,153 |
TOTAL SHARES & DEPOSITS | 190,545,967 |
TOTAL LIABILITIES | 192,931,967 |
Regular Reserve | 0 |
Other Reserves | 79,468 |
Undivided Earnings | 19,094,222 |
TOTAL EQUITY | 19,173,690 |
TOTAL LIABILITIES, SHARES, & EQUITY | 212,105,657 |
INCOME & EXPENSE | |
Loan Income | 6,717,576 |
Investment Income | 775,860 |
Other Income | 1,869,034 |
Total Employee Compensation & Benefits | 3,800,716 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 3,351,625 |
Non-operating Income & (Expense) | -16 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 41,960 |
Cost of Funds | 2,772,930 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 1,278,034 |
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