Dec, 31, 2023 — WEST METRO SCHOOLS CREDIT UNION is a federally insured state chartered credit union headquartered in HOPKINS, MN with 3 branch locations and about $39.20 million in total assets. Opened 70 years ago in 1954, WEST METRO SCHOOLS CREDIT UNION has about 2,658 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: | WEST METRO SCHOOLS CREDIT UNION |
|---|---|
| Address: (Main Office) | 1001 Highway 7 HOPKINS, MN 55305 |
| Phone: | (612) 315-4266 |
| Fax: | (952) 848-4283 |
| Website: | https://westmetroschoolscu.org |
| Branches: | 3 branch locations |
| Members: | 2,658 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 62726 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1954 |
| Last Audited: | Jun 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $39,203,569 |
| CEO/Manager: | Crystal A Schuman |
| Chairperson: | Mary Kay Myrmel |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 1,569,458 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 6,995,405 |
| Unsecured Loans | 3,304,552 |
| Other Loans | 11,693,664 |
| TOTAL LOANS | 21,993,622 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -178,923 |
| Land And Building | 0 |
| Other Fixed Assets | 38,030 |
| NCUSIF Deposit | 313,405 |
| All Other Assets | 0 |
| TOTAL ASSETS | 39,203,569 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 396,776 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 3,734,393 |
| Regular shares | 14,058,695 |
| All Other Shares & Deposits | 14,013,215 |
| TOTAL SHARES & DEPOSITS | 31,806,303 |
| TOTAL LIABILITIES | 32,203,079 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 7,000,490 |
| TOTAL EQUITY | 7,000,490 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 39,203,569 |
| INCOME & EXPENSE | |
| Loan Income | 1,348,344 |
| Investment Income | 393,545 |
| Other Income | 24,758 |
| Total Employee Compensation & Benefits | 507,556 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 661,595 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 20,298 |
| Cost of Funds | 423,450 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 271,792 |
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