Dec, 31, 2023 — SETTLERS FEDERAL CREDIT UNION is a federal credit union headquartered in BRUCE CROSSING, MI with 2 branch locations and about $34.06 million in total assets. Opened 92 years ago in 1932, SETTLERS FEDERAL CREDIT UNION has about 3,759 members and employs 10 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | SETTLERS FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 14623 State Highway M28 E BRUCE CROSSING, MI 49912-9296 |
| Phone: | (906) 827-3240 |
| Fax: | (906) 827-3260 |
| Website: | https://www.settlersfcu.com |
| Branches: | 2 branch locations |
| Members: | 3,759 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 24793 |
|---|---|
| Membership Type: | Community - Rural District |
| Corporate Credit Union: | No |
| Year Opened: | 1932 |
| Last Audited: | Sep 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $34,063,196 |
| CEO/Manager: | Lisa J Lindberg |
| Chairperson: | Pamela Malnar |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 2,846,298 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 1,486,618 |
| Unsecured Loans | 5,593,250 |
| Other Loans | 9,983,264 |
| TOTAL LOANS | 17,063,132 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -155,615 |
| Land And Building | 549,983 |
| Other Fixed Assets | 26,691 |
| NCUSIF Deposit | 286,316 |
| All Other Assets | 0 |
| TOTAL ASSETS | 34,063,196 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 207,193 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 6,556,408 |
| Regular shares | 15,965,279 |
| All Other Shares & Deposits | 5,978,425 |
| TOTAL SHARES & DEPOSITS | 28,500,112 |
| TOTAL LIABILITIES | 28,707,305 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 5,355,891 |
| TOTAL EQUITY | 5,355,891 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 34,063,196 |
| INCOME & EXPENSE | |
| Loan Income | 1,097,942 |
| Investment Income | 563,734 |
| Other Income | 154,306 |
| Total Employee Compensation & Benefits | 526,863 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 833,009 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 9,115 |
| Cost of Funds | 76,384 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 821,544 |
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