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DOWAGIAC AREA FEDERAL CREDIT UNION

Mar, 31, 2021 — DOWAGIAC AREA FEDERAL CREDIT UNION is a federal credit union headquartered in DOWAGIAC, MI with 1 branch location and about $23.46 million in total assets. Opened 49 years ago in 1972, DOWAGIAC AREA FEDERAL CREDIT UNION has about 2,133 members and employs 4 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


ABA Routing Number: 272479582
Name:DOWAGIAC AREA FEDERAL CREDIT UNION
Address:
(Main Office)
473 E DIVISION ST
DOWAGIAC, MI 49047-1541
Phone:(269) 782-2410
Fax:(269) 782-9870
Website:http://www.dafcu.net
Branches:1 branch locations
Members:2,133
Credit Union Type:Federal Credit Union
Charter Number:21070
Membership Type:Community credit unions, urban or rural, other than those designated 'low income'
Corporate Credit Union:No
Year Opened:1972
Last Audited:Jun 01, 2020
FHLB Member:No
Low Income Designation:No
Assets:$23,459,490
CEO/Manager:Cathy Merrill
Chairperson:Tim Dowsett

Call Report

  • Credit Builder
  • Overdraft Lines of Credit
  • Overdraft Protection
  • Real Estate Loans
  • Risk Based Loans
  • Share Secured Credit Cards
  • ATM/Debit Card Program
  • Commercial Share Accounts
  • Check Cashing
  • Insurance/Investment Sales
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 5,059,652
TOTAL INVESTMENTS 9,871,510
Loans Held for Sale 0
 
 Real Estate Loans 2,925,345
 Unsecured Loans 604,716
 Other Loans 3,892,520
 TOTAL LOANS 7,509,861
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -61,033
 Land And Building 739,967
 Other Fixed Assets 16,140
 NCUSIF Deposit 150,844
 All Other Assets 172,549
  TOTAL ASSETS 23,459,490
LIABILITIES & CAPITAL:  
 Dividends Payable 71,387
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 0
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 4,455,555
 Regular shares 9,780,045
 All Other Shares & Deposits 7,700,637
  TOTAL SHARES & DEPOSITS 21,936,237
  TOTAL LIABILITIES 22,007,624
 Regular Reserve 460,770
 Other Reserves 0
 Undivided Earnings 991,096
  TOTAL EQUITY 1,451,866
  TOTAL LIABILITIES, SHARES, & EQUITY 23,459,490
INCOME & EXPENSE  
 Loan Income 74,594
 Investment Income 21,474
 Other Income 48,685
 Total Employee Compensation & Benefits 60,227
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 103,915
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 5,000
 Cost of Funds 6,047
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) -30,436
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