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GREAT LAKES FEDERAL CREDIT UNION

Dec, 31, 2023 — GREAT LAKES FEDERAL CREDIT UNION is a federal credit union headquartered in BAY CITY, MI with 3 branch locations and about $60.43 million in total assets. Opened 61 years ago in 1963, GREAT LAKES FEDERAL CREDIT UNION has about 4,600 members and employs 21 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


Name:GREAT LAKES FEDERAL CREDIT UNION
Address:
(Main Office)
415 Washington Ave
BAY CITY, MI 48708-5712
Phone:(989) 893-2831
Fax:(989) 893-0412
Website:https://greatlakesfcu.com
Branches:3 branch locations
Members:4,600
Credit Union Type:Federal Credit Union
Charter Number:24874
Membership Type:Community credit unions, urban or rural, other than those designated 'low income'
Corporate Credit Union:No
Year Opened:1963
Last Audited:Mar 01, 2023
FHLB Member:Yes
Low Income Designation:No
Assets:$60,428,613
CEO/Manager:Justin D Ebel
Chairperson:Randall L Frank

Call Report

  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 3,365,514
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 15,248,994
 Unsecured Loans 1,043,636
 Other Loans 10,831,088
 TOTAL LOANS 27,123,718
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -135,957
 Land And Building 1,904,626
 Other Fixed Assets 75,802
 NCUSIF Deposit 535,030
 All Other Assets 0
  TOTAL ASSETS 60,428,613
LIABILITIES & CAPITAL:  
 Dividends Payable 8,623
 Notes & Interest Payable 5,000,000
 Accounts Payable & Other Liabilities 236,467
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 11,898,046
 Regular shares 32,839,609
 All Other Shares & Deposits 7,089,717
  TOTAL SHARES & DEPOSITS 51,827,372
  TOTAL LIABILITIES 57,072,462
 Regular Reserve 0
 Other Reserves -1,767,886
 Undivided Earnings 5,124,037
  TOTAL EQUITY 3,356,151
  TOTAL LIABILITIES, SHARES, & EQUITY 60,428,613
INCOME & EXPENSE  
 Loan Income 1,344,500
 Investment Income 518,798
 Other Income 448,934
 Total Employee Compensation & Benefits 700,670
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 1,000,187
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 43,008
 Cost of Funds 215,086
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 386,264
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