Dec, 31, 2023 — MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION (MSUFCU) is a federal credit union headquartered in EAST LANSING, MI with 30 branch locations and about $7.69 billion in total assets. Opened 45 years ago in 1979, MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION (MSUFCU) has about 355,456 members and employs 1,366 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 STATE UNIVERSITY FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 3777 West Rd EAST LANSING, MI 48823-8029 |
| Phone: | (517) 333-2424 |
| Fax: | (517) 664-6953 |
| Website: | https://www.msufcu.org |
| Branches: | 30 branch locations |
| Members: | 355,456 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 23279 |
|---|---|
| Membership Type: | Multiple common bond - Primarily educational |
| Corporate Credit Union: | No |
| Year Opened: | 1979 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $7,685,869,701 |
| CEO/Manager: | April Clobes |
| Chairperson: | Gregory J Deppong |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 221,319,230 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 2,918,598,711 |
| Unsecured Loans | 791,593,618 |
| Other Loans | 2,381,416,893 |
| TOTAL LOANS | 6,092,344,047 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -37,762,657 |
| Land And Building | 249,408,131 |
| Other Fixed Assets | 41,594,108 |
| NCUSIF Deposit | 54,134,827 |
| All Other Assets | 329,803 |
| TOTAL ASSETS | 7,685,869,701 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 690,000,000 |
| Accounts Payable & Other Liabilities | 100,535,535 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 1,220,448,648 |
| Regular shares | 752,925,068 |
| All Other Shares & Deposits | 4,251,914,436 |
| TOTAL SHARES & DEPOSITS | 6,225,288,152 |
| TOTAL LIABILITIES | 7,018,019,721 |
| Regular Reserve | 0 |
| Other Reserves | -28,985,773 |
| Undivided Earnings | 696,835,753 |
| TOTAL EQUITY | 667,849,980 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 7,685,869,701 |
| INCOME & EXPENSE | |
| Loan Income | 312,176,549 |
| Investment Income | 21,863,403 |
| Other Income | 16,622,253 |
| Total Employee Compensation & Benefits | 136,591,174 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 114,428,783 |
| Non-operating Income & (Expense) | -111 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 26,496,174 |
| Cost of Funds | 136,756,851 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 4,809,485 |
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