Dec, 31, 2023 — TAHQUAMENON AREA CREDIT UNION is a federally insured state chartered credit union headquartered in NEWBERRY, MI with 3 branch locations and about $69.48 million in total assets. Opened 69 years ago in 1955, TAHQUAMENON AREA CREDIT UNION has about 5,344 members and employs 24 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | TAHQUAMENON AREA CREDIT UNION |
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Address: (Main Office) | 7693 State Hwy M123 NEWBERRY, MI 49868 |
Phone: | (906) 293-5117 |
Fax: | |
Website: | https://www.tacumi.com |
Branches: | 3 branch locations |
Members: | 5,344 |
Credit Union Type: | Federally Insured State Chartered Credit Union |
Charter Number: | 60423 |
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Membership Type: | State chartered natural person |
Corporate Credit Union: | No |
Year Opened: | 1955 |
Last Audited: | Jun 01, 2023 |
FHLB Member: | No |
Low Income Designation: | No |
Assets: | $69,476,486 |
CEO/Manager: | Ruben C Ison |
Chairperson: | Michael Walker |
ASSETS: | $ Amount |
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Cash & Equivalents | 4,653,976 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 6,521,061 |
Unsecured Loans | 3,918,247 |
Other Loans | 15,260,720 |
TOTAL LOANS | 25,700,028 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -224,795 |
Land And Building | 1,228,267 |
Other Fixed Assets | 138,133 |
NCUSIF Deposit | 629,982 |
All Other Assets | 46,774 |
TOTAL ASSETS | 69,476,486 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 27,294 |
Notes & Interest Payable | 3,000,000 |
Accounts Payable & Other Liabilities | 932,026 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 16,191,416 |
Regular shares | 37,335,108 |
All Other Shares & Deposits | 8,269,442 |
TOTAL SHARES & DEPOSITS | 61,795,966 |
TOTAL LIABILITIES | 65,755,286 |
Regular Reserve | 0 |
Other Reserves | -4,208,412 |
Undivided Earnings | 7,929,612 |
TOTAL EQUITY | 3,721,200 |
TOTAL LIABILITIES, SHARES, & EQUITY | 69,476,486 |
INCOME & EXPENSE | |
Loan Income | 1,326,562 |
Investment Income | 806,750 |
Other Income | 453,397 |
Total Employee Compensation & Benefits | 1,151,938 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 1,375,607 |
Non-operating Income & (Expense) | 11,749 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 24,893 |
Cost of Funds | 76,265 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 251,983 |
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