Dec, 31, 2023 — MERCO CREDIT UNION is a federally insured state chartered credit union headquartered in MERCED, CA with 3 branch locations and about $185.55 million in total assets. Opened 58 years ago in 1966, MERCO CREDIT UNION has about 14,250 members and employs 39 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | MERCO CREDIT UNION |
|---|---|
| Address: (Main Office) | 1911 M ST MERCED, CA 95340-3706 |
| Phone: | (209) 723-4285 |
| Fax: | (209) 723-6213 |
| Website: | https://www.merco.org |
| Branches: | 3 branch locations |
| Members: | 14,250 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 64766 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1966 |
| Last Audited: | Mar 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $185,546,712 |
| CEO/Manager: | David W Ness |
| Chairperson: | Kent B Christensen |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 24,228,129 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 16,430,233 |
| Unsecured Loans | 8,055,227 |
| Other Loans | 97,943,317 |
| TOTAL LOANS | 122,428,777 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -2,145,373 |
| Land And Building | 2,455,462 |
| Other Fixed Assets | 461,449 |
| NCUSIF Deposit | 1,421,830 |
| All Other Assets | 406,268 |
| TOTAL ASSETS | 185,546,712 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 2,202,926 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 3,500,000 |
| Share Drafts | 35,487,698 |
| Regular shares | 78,273,963 |
| All Other Shares & Deposits | 49,402,458 |
| TOTAL SHARES & DEPOSITS | 163,164,119 |
| TOTAL LIABILITIES | 168,867,045 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 16,679,667 |
| TOTAL EQUITY | 16,679,667 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 185,546,712 |
| INCOME & EXPENSE | |
| Loan Income | 6,828,431 |
| Investment Income | 844,906 |
| Other Income | 1,477,862 |
| Total Employee Compensation & Benefits | 3,333,379 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 3,591,224 |
| Non-operating Income & (Expense) | 433,000 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 1,746,978 |
| Cost of Funds | 503,971 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 799,706 |
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