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MICHIGAN ONE COMMUNITY CREDIT UNION

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
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
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

Call Report

  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
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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