Dec, 31, 2023 — MICHIGAN SCHOOLS AND GOVERNMENT CREDIT UNION is a federally insured state chartered credit union headquartered in CLINTON TOWNSHIP, MI with 23 branch locations and about $3.63 billion in total assets. Opened 70 years ago in 1954, MICHIGAN SCHOOLS AND GOVERNMENT CREDIT UNION has about 149,277 members and employs 448 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 SCHOOLS AND GOVERNMENT CREDIT UNION |
|---|---|
| Address: (Main Office) | 40400 Garfield Rd CLINTON TOWNSHIP, MI 48038-4004 |
| Phone: | (586) 263-8800 |
| Fax: | (586) 286-2638 |
| Website: | https://www.msgcu.org |
| Branches: | 23 branch locations |
| Members: | 149,277 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 62049 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1954 |
| Last Audited: | Dec 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $3,629,057,208 |
| CEO/Manager: | Steve Brewer |
| Chairperson: | William F Cayen |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 42,103,620 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 1,665,530,668 |
| Unsecured Loans | 152,946,517 |
| Other Loans | 1,296,425,232 |
| TOTAL LOANS | 3,115,053,349 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -17,553,826 |
| Land And Building | 65,786,830 |
| Other Fixed Assets | 11,297,224 |
| NCUSIF Deposit | 25,426,333 |
| All Other Assets | 808,091 |
| TOTAL ASSETS | 3,629,057,208 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 66 |
| Notes & Interest Payable | 325,000,000 |
| Accounts Payable & Other Liabilities | 34,314,030 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 292,728,981 |
| Regular shares | 281,891,976 |
| All Other Shares & Deposits | 2,268,095,945 |
| TOTAL SHARES & DEPOSITS | 2,842,716,900 |
| TOTAL LIABILITIES | 3,202,044,025 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 427,013,183 |
| TOTAL EQUITY | 427,013,183 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 3,629,057,208 |
| INCOME & EXPENSE | |
| Loan Income | 134,624,956 |
| Investment Income | 6,851,439 |
| Other Income | 5,478,871 |
| Total Employee Compensation & Benefits | 41,325,031 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 30,153,393 |
| Non-operating Income & (Expense) | 22,302 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 4,500,000 |
| Cost of Funds | 63,728,057 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 30,348,677 |
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