Dec, 31, 2023 — ADVENTURE CREDIT UNION is a federally insured state chartered credit union headquartered in GRAND RAPIDS, MI with 8 branch locations and about $434.89 million in total assets. Opened 88 years ago in 1936, ADVENTURE CREDIT UNION has about 31,594 members and employs 115 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | ADVENTURE CREDIT UNION |
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Address: (Main Office) | 630 32nd St SE GRAND RAPIDS, MI 49548-2306 |
Phone: | (616) 243-0125 |
Fax: | (616) 514-1828 |
Website: | https://www.adventurecu.org |
Branches: | 8 branch locations |
Members: | 31,594 |
Credit Union Type: | Federally Insured State Chartered Credit Union |
Charter Number: | 60936 |
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Membership Type: | State chartered natural person |
Corporate Credit Union: | No |
Year Opened: | 1936 |
Last Audited: | Dec 01, 2022 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $434,891,084 |
CEO/Manager: | Amanda M Garabedian |
Chairperson: | Pete J Winninger |
ASSETS: | $ Amount |
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Cash & Equivalents | 38,935,206 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 285,000 |
Real Estate Loans | 174,346,764 |
Unsecured Loans | 15,116,856 |
Other Loans | 107,910,427 |
TOTAL LOANS | 297,374,047 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -2,669,487 |
Land And Building | 6,526,297 |
Other Fixed Assets | 1,268,572 |
NCUSIF Deposit | 3,625,342 |
All Other Assets | 0 |
TOTAL ASSETS | 434,891,084 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 287,615 |
Notes & Interest Payable | 0 |
Accounts Payable & Other Liabilities | 4,160,476 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 85,042,876 |
Regular shares | 140,972,289 |
All Other Shares & Deposits | 145,732,370 |
TOTAL SHARES & DEPOSITS | 371,747,537 |
TOTAL LIABILITIES | 376,195,628 |
Regular Reserve | 0 |
Other Reserves | -2,817,583 |
Undivided Earnings | 61,513,039 |
TOTAL EQUITY | 58,695,456 |
TOTAL LIABILITIES, SHARES, & EQUITY | 434,891,084 |
INCOME & EXPENSE | |
Loan Income | 16,892,988 |
Investment Income | 2,464,497 |
Other Income | 2,578,859 |
Total Employee Compensation & Benefits | 8,632,309 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 8,984,323 |
Non-operating Income & (Expense) | 497,328 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 1,684,116 |
Cost of Funds | 3,213,900 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 2,716,970 |
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