Dec, 31, 2023 — PARKSIDE CREDIT UNION is a federally insured state chartered credit union headquartered in WESTLAND, MI with 3 branch locations and about $170.21 million in total assets. Opened 71 years ago in 1953, PARKSIDE CREDIT UNION has about 13,414 members and employs 50 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | PARKSIDE CREDIT UNION |
|---|---|
| Address: (Main Office) | 1747 S NEWBURGH RD WESTLAND, MI 48186 |
| Phone: | (734) 525-0700 |
| Fax: | (734) 728-4749 |
| Website: | https://www.parksidecu.org |
| Branches: | 3 branch locations |
| Members: | 13,414 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 61985 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1953 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $170,210,658 |
| CEO/Manager: | JANET B THOMPSON |
| Chairperson: | WILLIAM SACKETT |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 12,038,862 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 54,489,975 |
| Unsecured Loans | 21,718,299 |
| Other Loans | 21,793,568 |
| TOTAL LOANS | 98,001,842 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,717,760 |
| Land And Building | 4,395,712 |
| Other Fixed Assets | 1,196,971 |
| NCUSIF Deposit | 1,529,625 |
| All Other Assets | 12,670 |
| TOTAL ASSETS | 170,210,658 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 5,794 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 3,419,897 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 31,413,362 |
| Regular shares | 66,119,364 |
| All Other Shares & Deposits | 52,915,166 |
| TOTAL SHARES & DEPOSITS | 150,447,892 |
| TOTAL LIABILITIES | 153,873,583 |
| Regular Reserve | 0 |
| Other Reserves | -3,681,460 |
| Undivided Earnings | 20,018,535 |
| TOTAL EQUITY | 16,337,075 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 170,210,658 |
| INCOME & EXPENSE | |
| Loan Income | 6,414,576 |
| Investment Income | 1,349,338 |
| Other Income | 2,716,221 |
| Total Employee Compensation & Benefits | 4,310,111 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 6,916,174 |
| Non-operating Income & (Expense) | -3,077 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 960,381 |
| Cost of Funds | 968,399 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | -262,495 |
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