Sep, 30, 2025 — FOREST AREA FEDERAL CREDIT UNION is a federal credit union headquartered in FIFE LAKE, MI with 7 branch locations and about $305.88 million in total assets. Opened 43 years ago in 1983, FOREST AREA FEDERAL CREDIT UNION has about 20,872 members and employs 71 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | FOREST AREA FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 6954 US Highway 131 FIFE LAKE, MI 49633-9765 |
| Phone: | (231) 879-4154 |
| Fax: | |
| Website: | https://www.forestarea.com |
| Branches: | 7 branch locations |
| Members: | 20,872 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 24047 |
|---|---|
| Membership Type: | Community - Rural District |
| Corporate Credit Union: | No |
| Year Opened: | 1983 |
| Last Audited: | Aug 01, 2024 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $305,876,792 |
| CEO/Manager: | Alex J Lutke |
| Chairperson: | Donald Crawford |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 30,147,006 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 102,907,656 |
| Unsecured Loans | 19,466,956 |
| Other Loans | 70,731,228 |
| TOTAL LOANS | 193,649,590 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,963,291 |
| Land And Building | 12,737,523 |
| Other Fixed Assets | 1,665,074 |
| NCUSIF (National Credit Union Share Insurance Fund) Deposit | 2,284,361 |
| All Other Assets | 0 |
| TOTAL ASSETS | 305,876,792 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 52,360 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 2,410,329 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 59,047,735 |
| Regular shares | 93,194,202 |
| All Other Shares & Deposits | 116,821,977 |
| TOTAL SHARES & DEPOSITS | 269,063,915 |
| TOTAL LIABILITIES | 271,526,604 |
| Regular Reserve | 0 |
| Other Reserves | -1,933,297 |
| Undivided Earnings | 36,283,485 |
| TOTAL EQUITY | 34,350,188 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 305,876,792 |
| INCOME & EXPENSE | |
| Loan Income | 10,741,117 |
| Investment Income | 2,165,772 |
| Other Income | 917,305 |
| Total Employee Compensation & Benefits | 4,026,857 |
| NCUSIF (National Credit Union Share Insurance Fund) Premiums Expense | 0 |
| Total Other Operating Expenses | 4,454,296 |
| Non-operating Income & (Expense) | -1,581 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 1,954,269 |
| Cost of Funds | 3,199,073 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 2,883,208 |
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