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FOREST AREA FEDERAL CREDIT UNION

Dec, 31, 2020 — FOREST AREA FEDERAL CREDIT UNION is a federal credit union headquartered in FIFE LAKE, MI with 6 branch locations and about $157.97 million in total assets. Opened 38 years ago in 1983, FOREST AREA FEDERAL CREDIT UNION has about 15,477 members and employs 49 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: 272486627
Name:FOREST AREA FEDERAL CREDIT UNION
Address:
(Main Office)
PO BOX 118
FIFE LAKE, MI 49633
Phone:(231) 879-4154
Fax:(231) 879-3989
Website:http://www.forestarea.com
Branches:6 branch locations
Members:15,477
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, 2020
FHLB Member:No
Low Income Designation:No
Assets:$157,969,413
CEO/Manager:Alex J Lutke
Chairperson:Lee Sandy

Call Report

  • Commercial Loans
  • Credit Builder
  • Debt Cancellation/Suspension
  • Indirect Consumer Loans
  • Overdraft Lines of Credit
  • Participation Loans
  • Pay Day Loans
  • Real Estate Loans
  • Risk Based Loans
  • Share Secured Credit Cards
  • Payday Alternative Loans (PAL Loans)
  • ATM/Debit Card Program
  • Commercial Share Accounts
  • Check Cashing
  • Health Savings Accounts
  • Individual Development Accounts
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 21,109,211
TOTAL INVESTMENTS 21,227,808
Loans Held for Sale 0
 
 Real Estate Loans 37,275,202
 Unsecured Loans 10,768,127
 Other Loans 56,339,604
 TOTAL LOANS 104,680,797
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -1,018,786
 Land And Building 5,011,670
 Other Fixed Assets 743,395
 NCUSIF Deposit 1,246,716
 All Other Assets 4,968,602
  TOTAL ASSETS 157,969,413
LIABILITIES & CAPITAL:  
 Dividends Payable 9,421
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 995,326
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 38,143,308
 Regular shares 75,306,573
 All Other Shares & Deposits 25,018,392
  TOTAL SHARES & DEPOSITS 138,468,273
  TOTAL LIABILITIES 139,473,020
 Regular Reserve 1,382,181
 Other Reserves 238,357
 Undivided Earnings 16,875,855
  TOTAL EQUITY 18,496,393
  TOTAL LIABILITIES, SHARES, & EQUITY 157,969,413
INCOME & EXPENSE  
 Loan Income 4,907,850
 Investment Income 687,029
 Other Income 2,411,119
 Total Employee Compensation & Benefits 2,671,899
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 3,149,719
 Non-operating Income & (Expense) 4,401
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 724,427
 Cost of Funds 541,656
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 922,698
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