Dec, 31, 2023 — LENCO CREDIT UNION is a federally insured state chartered credit union headquartered in ADRIAN, MI with 2 branch locations and about $121.34 million in total assets. Opened 54 years ago in 1970, LENCO CREDIT UNION has about 7,732 members and employs 19 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | LENCO CREDIT UNION |
|---|---|
| Address: (Main Office) | 615 W Maple Ave ADRIAN, MI 49221-1630 |
| Phone: | (517) 263-0851 |
| Fax: | (517) 263-1609 |
| Website: | https://www.lenco.org |
| Branches: | 2 branch locations |
| Members: | 7,732 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 60991 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1970 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $121,335,005 |
| CEO/Manager: | Ben Neal |
| Chairperson: | Sam Ewing |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 6,274,693 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 42,520,928 |
| Unsecured Loans | 2,251,450 |
| Other Loans | 34,445,872 |
| TOTAL LOANS | 79,218,250 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -188,767 |
| Land And Building | 2,586,033 |
| Other Fixed Assets | 103,565 |
| NCUSIF Deposit | 1,042,654 |
| All Other Assets | 0 |
| TOTAL ASSETS | 121,335,005 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 100,995 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 807,437 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 21,298,774 |
| Regular shares | 37,416,828 |
| All Other Shares & Deposits | 48,496,994 |
| TOTAL SHARES & DEPOSITS | 107,212,596 |
| TOTAL LIABILITIES | 108,127,615 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 13,207,390 |
| TOTAL EQUITY | 13,207,390 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 121,335,005 |
| INCOME & EXPENSE | |
| Loan Income | 3,236,485 |
| Investment Income | 924,619 |
| Other Income | 723,040 |
| Total Employee Compensation & Benefits | 1,594,091 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 1,310,442 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 93,350 |
| Cost of Funds | 885,462 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,137,763 |
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» See also Statement of Financial Condition