Dec, 31, 2023 — MCDOWELL CORNERSTONE CREDIT UNION is a federally insured state chartered credit union headquartered in MARION, NC with 1 branch location and about $34.36 million in total assets. Opened 57 years ago in 1967, MCDOWELL CORNERSTONE CREDIT UNION has about 2,659 members and employs 9 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | MCDOWELL CORNERSTONE CREDIT UNION |
|---|---|
| Address: (Main Office) | 2031 RUTHERFORD RD MARION, NC 28752 |
| Phone: | (828) 652-4141 |
| Fax: | (828) 652-9343 |
| Website: | https://www.mcdowellcornerstone.com |
| Branches: | 1 branch locations |
| Members: | 2,659 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 60149 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1967 |
| Last Audited: | Jun 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $34,358,435 |
| CEO/Manager: | TIM D KEENE |
| Chairperson: | LISA A MORGAN |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 7,374,299 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 11,779,284 |
| Unsecured Loans | 699,386 |
| Other Loans | 4,607,236 |
| TOTAL LOANS | 17,154,421 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -201,322 |
| Land And Building | 279,859 |
| Other Fixed Assets | 5,140 |
| NCUSIF Deposit | 295,172 |
| All Other Assets | 3,500 |
| TOTAL ASSETS | 34,358,435 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 617,169 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 6,131,825 |
| Regular shares | 17,890,845 |
| All Other Shares & Deposits | 4,063,894 |
| TOTAL SHARES & DEPOSITS | 28,086,564 |
| TOTAL LIABILITIES | 28,704,304 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 5,654,131 |
| TOTAL EQUITY | 5,654,131 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 34,358,435 |
| INCOME & EXPENSE | |
| Loan Income | 692,242 |
| Investment Income | 562,088 |
| Other Income | 88,397 |
| Total Employee Compensation & Benefits | 538,854 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 630,524 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 43,853 |
| Cost of Funds | 38,461 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 100,000 |
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