Dec, 31, 2023 — UNIVERSITY OF MICHIGAN CREDIT UNION is a federally insured state chartered credit union headquartered in ANN ARBOR, MI with 17 branch locations and about $1.36 billion in total assets. Opened 70 years ago in 1954, UNIVERSITY OF MICHIGAN CREDIT UNION has about 117,703 members and employs 223 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | UNIVERSITY OF MICHIGAN CREDIT UNION |
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Address: (Main Office) | 340 E Huron St ANN ARBOR, MI 48104 |
Phone: | (734) 662-8200 |
Fax: | (734) 769-2245 |
Website: | https://www.umcu.org |
Branches: | 17 branch locations |
Members: | 117,703 |
Credit Union Type: | Federally Insured State Chartered Credit Union |
Charter Number: | 61552 |
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Membership Type: | State chartered natural person |
Corporate Credit Union: | No |
Year Opened: | 1954 |
Last Audited: | Dec 01, 2023 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $1,357,882,173 |
CEO/Manager: | Tiffany L Ford |
Chairperson: | Earl Bell |
ASSETS: | $ Amount |
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Cash & Equivalents | 84,959,286 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 449,210,573 |
Unsecured Loans | 151,144,117 |
Other Loans | 465,937,713 |
TOTAL LOANS | 1,066,292,402 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -9,201,980 |
Land And Building | 63,992,215 |
Other Fixed Assets | 3,048,700 |
NCUSIF Deposit | 10,372,878 |
All Other Assets | 278,708 |
TOTAL ASSETS | 1,357,882,173 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 0 |
Notes & Interest Payable | 152,806,824 |
Accounts Payable & Other Liabilities | 23,316,341 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 394,102,467 |
Regular shares | 385,009,195 |
All Other Shares & Deposits | 286,983,559 |
TOTAL SHARES & DEPOSITS | 1,066,095,221 |
TOTAL LIABILITIES | 1,242,218,386 |
Regular Reserve | 0 |
Other Reserves | -4,058,363 |
Undivided Earnings | 119,722,150 |
TOTAL EQUITY | 115,663,787 |
TOTAL LIABILITIES, SHARES, & EQUITY | 1,357,882,173 |
INCOME & EXPENSE | |
Loan Income | 47,326,598 |
Investment Income | 2,499,088 |
Other Income | 4,571,476 |
Total Employee Compensation & Benefits | 20,761,402 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 22,720,181 |
Non-operating Income & (Expense) | -623 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 3,776,727 |
Cost of Funds | 9,163,326 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 8,065,466 |
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