Dec, 31, 2020 — LAKES FEDERAL CREDIT UNION is a federal credit union headquartered in MONTICELLO, IN with 1 branch location and about $23.65 million in total assets. Opened 65 years ago in 1956, LAKES FEDERAL CREDIT UNION has about 3,546 members and employs 6 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | LAKES FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 106 RICKEY RD MONTICELLO, IN 47960-1537 |
| Phone: | (574) 583-5556 |
| Fax: | (574) 583-9056 |
| Website: | http://www.lakesfcu.com |
| Branches: | 1 branch locations |
| Members: | 3,546 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 10772 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1956 |
| Last Audited: | Dec 01, 2019 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $23,645,205 |
| CEO/Manager: | Alicia G Pifer |
| Chairperson: | Francis E Maxwell |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 7,221,483 |
| TOTAL INVESTMENTS | 5,643,088 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 1,133,666 |
| Unsecured Loans | 560,295 |
| Other Loans | 8,261,561 |
| TOTAL LOANS | 9,955,522 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -48,530 |
| Land And Building | 494,679 |
| Other Fixed Assets | 25,347 |
| NCUSIF Deposit | 179,220 |
| All Other Assets | 174,396 |
| TOTAL ASSETS | 23,645,205 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 196,018 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 4,028,135 |
| Regular shares | 14,677,171 |
| All Other Shares & Deposits | 2,223,057 |
| TOTAL SHARES & DEPOSITS | 20,928,363 |
| TOTAL LIABILITIES | 21,124,381 |
| Regular Reserve | 606,873 |
| Other Reserves | 0 |
| Undivided Earnings | 1,913,951 |
| TOTAL EQUITY | 2,520,824 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 23,645,205 |
| INCOME & EXPENSE | |
| Loan Income | 455,214 |
| Investment Income | 156,363 |
| Other Income | 202,994 |
| Total Employee Compensation & Benefits | 246,394 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 379,674 |
| Non-operating Income & (Expense) | 12,022 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 19,000 |
| Cost of Funds | 32,790 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 148,735 |
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