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COMMUNITY FIRST FEDERAL CREDIT UNION

Dec, 31, 2023 — COMMUNITY FIRST FEDERAL CREDIT UNION is a federal credit union headquartered in LAKEVIEW, MI with 4 branch locations and about $125.61 million in total assets. Opened 39 years ago in 1985, COMMUNITY FIRST FEDERAL CREDIT UNION has about 12,715 members and employs 60 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: 272486724
Name:COMMUNITY FIRST FEDERAL CREDIT UNION
Address:
(Main Office)
9637 N Greenville Rd
LAKEVIEW, MI 48850-9107
Phone:(989) 352-6031
Fax:(989) 352-6171
Website:https://cffcu.biz
Branches:4 branch locations
Members:12,715
Credit Union Type:Federal Credit Union
Charter Number:24199
Membership Type:Community credit unions, urban or rural, other than those designated 'low income'
Corporate Credit Union:No
Year Opened:1985
Last Audited:Mar 01, 2023
FHLB Member:No
Low Income Designation:No
Assets:$125,608,613
CEO/Manager:Timothy G Rasmussen
Chairperson:John Schwandt

Call Report

  • Payday Alternative Loans (PAL Loans)
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 2,489,586
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 69,371,474
 Unsecured Loans 7,707,216
 Other Loans 37,475,205
 TOTAL LOANS 114,553,895
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -163,726
 Land And Building 439,780
 Other Fixed Assets 2,923,303
 NCUSIF Deposit 1,066,067
 All Other Assets 336,000
  TOTAL ASSETS 125,608,613
LIABILITIES & CAPITAL:  
 Dividends Payable 7
 Notes & Interest Payable 2,342,986
 Accounts Payable & Other Liabilities 1,273,646
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 31,794,654
 Regular shares 41,357,196
 All Other Shares & Deposits 39,301,417
  TOTAL SHARES & DEPOSITS 112,453,267
  TOTAL LIABILITIES 116,069,906
 Regular Reserve 0
 Other Reserves 0
 Undivided Earnings 9,538,707
  TOTAL EQUITY 9,538,707
  TOTAL LIABILITIES, SHARES, & EQUITY 125,608,613
INCOME & EXPENSE  
 Loan Income 7,767,555
 Investment Income 101,239
 Other Income 1,937,023
 Total Employee Compensation & Benefits 4,430,842
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 2,880,754
 Non-operating Income & (Expense) 838,578
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 227,146
 Cost of Funds 1,213,807
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 1,956,096
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