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National Credit Union Service Organization

TAHQUAMENON AREA CREDIT UNION

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
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
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

Call Report

  • First Time Homebuyer Program
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
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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