Dec, 31, 2023 — COMPASS CREDIT UNION is a federally insured state chartered credit union headquartered in SPARTA, MI with 2 branch locations and about $93.73 million in total assets. Opened 68 years ago in 1956, COMPASS CREDIT UNION has about 8,068 members and employs 23 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | COMPASS CREDIT UNION |
|---|---|
| Address: (Main Office) | 485 S State St SPARTA, MI 49345-1549 |
| Phone: | (616) 887-8262 |
| Fax: | (616) 887-9080 |
| Website: | https://www.compasscu.com |
| Branches: | 2 branch locations |
| Members: | 8,068 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 62040 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1956 |
| Last Audited: | Mar 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $93,725,476 |
| CEO/Manager: | Erika k Garrison |
| Chairperson: | William s Montgomery |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 10,980,413 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 14,821,778 |
| Unsecured Loans | 4,384,208 |
| Other Loans | 33,910,681 |
| TOTAL LOANS | 53,116,667 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,320,113 |
| Land And Building | 2,203,534 |
| Other Fixed Assets | 221,954 |
| NCUSIF Deposit | 847,351 |
| All Other Assets | 0 |
| TOTAL ASSETS | 93,725,476 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 16,548 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 1,306,793 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 23,571,363 |
| Regular shares | 37,378,800 |
| All Other Shares & Deposits | 25,120,839 |
| TOTAL SHARES & DEPOSITS | 86,071,002 |
| TOTAL LIABILITIES | 87,394,343 |
| Regular Reserve | 0 |
| Other Reserves | -926,118 |
| Undivided Earnings | 7,257,251 |
| TOTAL EQUITY | 6,331,133 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 93,725,476 |
| INCOME & EXPENSE | |
| Loan Income | 2,876,951 |
| Investment Income | 804,655 |
| Other Income | 652,142 |
| Total Employee Compensation & Benefits | 1,575,607 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 2,166,484 |
| Non-operating Income & (Expense) | 17,761 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 1,471,110 |
| Cost of Funds | 581,322 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | -578,960 |
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