Dec, 31, 2023 — PORT CITY FEDERAL CREDIT UNION is a federal credit union headquartered in MUSKEGON, MI with 1 branch location and about $39.32 million in total assets. Opened 80 years ago in 1944, PORT CITY FEDERAL CREDIT UNION has about 2,812 members and employs 7 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | PORT CITY FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 460 W Laketon Ave MUSKEGON, MI 49441-2632 |
| Phone: | (231) 725-3312 |
| Fax: | (231) 725-4694 |
| Website: | https://www.portcityfcu.com |
| Branches: | 1 branch locations |
| Members: | 2,812 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 5116 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1944 |
| Last Audited: | Sep 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $39,318,212 |
| CEO/Manager: | Erin L Bedwin |
| Chairperson: | Kathleen Wilkerson |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 2,806,582 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 6,232,290 |
| Unsecured Loans | 660,700 |
| Other Loans | 5,466,904 |
| TOTAL LOANS | 12,359,894 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -8,450 |
| Land And Building | 31,994 |
| Other Fixed Assets | 22,854 |
| NCUSIF Deposit | 344,663 |
| All Other Assets | 0 |
| TOTAL ASSETS | 39,318,212 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 86,423 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 662,403 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 4,974,441 |
| Regular shares | 11,555,166 |
| All Other Shares & Deposits | 17,532,729 |
| TOTAL SHARES & DEPOSITS | 34,062,336 |
| TOTAL LIABILITIES | 34,811,162 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 4,507,050 |
| TOTAL EQUITY | 4,507,050 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 39,318,212 |
| INCOME & EXPENSE | |
| Loan Income | 489,095 |
| Investment Income | 653,249 |
| Other Income | 74,936 |
| Total Employee Compensation & Benefits | 396,494 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 459,350 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 6,245 |
| Cost of Funds | 356,073 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 134,754 |
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