Dec, 31, 2023 — MUTUAL CREDIT UNION is a federal credit union headquartered in VICKSBURG, MS with 6 branch locations and about $302.00 million in total assets. Opened 93 years ago in 1931, MUTUAL CREDIT UNION has about 23,740 members and employs 81 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | MUTUAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 1604 Cherry St VICKSBURG, MS 39180 |
| Phone: | (601) 636-7523 |
| Fax: | (601) 630-9035 |
| Website: | https://www.mutualcu.org |
| Branches: | 6 branch locations |
| Members: | 23,740 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 24948 |
|---|---|
| Membership Type: | Multiple common bond - other |
| Corporate Credit Union: | No |
| Year Opened: | 1931 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $302,004,374 |
| CEO/Manager: | Michael D Mathews |
| Chairperson: | Jerry Dean |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 28,175,539 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 52,964,656 |
| Unsecured Loans | 30,079,142 |
| Other Loans | 77,324,284 |
| TOTAL LOANS | 160,368,082 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -2,300,838 |
| Land And Building | 5,176,173 |
| Other Fixed Assets | 1,682,403 |
| NCUSIF Deposit | 2,553,668 |
| All Other Assets | 139,580 |
| TOTAL ASSETS | 302,004,374 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 210,841 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 4,353,373 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 44,930,848 |
| Regular shares | 98,717,364 |
| All Other Shares & Deposits | 129,147,783 |
| TOTAL SHARES & DEPOSITS | 272,795,995 |
| TOTAL LIABILITIES | 277,360,885 |
| Regular Reserve | 0 |
| Other Reserves | -12,967,398 |
| Undivided Earnings | 37,610,887 |
| TOTAL EQUITY | 24,643,489 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 302,004,374 |
| INCOME & EXPENSE | |
| Loan Income | 9,271,371 |
| Investment Income | 4,023,074 |
| Other Income | 4,779,482 |
| Total Employee Compensation & Benefits | 5,207,767 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 7,235,480 |
| Non-operating Income & (Expense) | -55,432 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 1,642,294 |
| Cost of Funds | 3,191,679 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 4,173,271 |
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