Sep, 30, 2025 — SERVICE 1 FEDERAL CREDIT UNION is a federal credit union headquartered in NORTON SHORES, MI with 6 branch locations and about $200.25 million in total assets. Opened 86 years ago in 1940, SERVICE 1 FEDERAL CREDIT UNION has about 21,962 members and employs 65 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | SERVICE 1 FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 1075 E Sherman Blvd NORTON SHORES, MI 49444-1807 |
| Phone: | (231) 739-5068 |
| Fax: | (231) 737-3522 |
| Website: | https://www.service1fcu.com |
| Branches: | 6 branch locations |
| Members: | 21,962 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 4038 |
|---|---|
| Membership Type: | Multiple common bond - Primarily machinery |
| Corporate Credit Union: | No |
| Year Opened: | 1940 |
| Last Audited: | Mar 01, 2025 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $200,247,856 |
| CEO/Manager: | Kim Bourdo |
| Chairperson: | Susan Williams |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 19,574,539 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 1,802,934 |
| Real Estate Loans | 42,612,907 |
| Unsecured Loans | 10,006,712 |
| Other Loans | 93,840,109 |
| TOTAL LOANS | 146,459,728 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -863,341 |
| Land And Building | 3,363,104 |
| Other Fixed Assets | 791,598 |
| NCUSIF (National Credit Union Share Insurance Fund) Deposit | 1,596,164 |
| All Other Assets | 0 |
| TOTAL ASSETS | 200,247,856 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 63,897 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 1,623,330 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 25,128,105 |
| Regular shares | 46,463,690 |
| All Other Shares & Deposits | 92,377,024 |
| TOTAL SHARES & DEPOSITS | 163,968,819 |
| TOTAL LIABILITIES | 165,656,046 |
| Regular Reserve | 0 |
| Other Reserves | 1,849,843 |
| Undivided Earnings | 32,741,967 |
| TOTAL EQUITY | 34,591,810 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 200,247,856 |
| INCOME & EXPENSE | |
| Loan Income | 6,712,195 |
| Investment Income | 1,284,917 |
| Other Income | 1,445,301 |
| Total Employee Compensation & Benefits | 3,718,310 |
| NCUSIF (National Credit Union Share Insurance Fund) Premiums Expense | 0 |
| Total Other Operating Expenses | 3,518,876 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 579,748 |
| Cost of Funds | 1,797,222 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,741,358 |
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