Dec, 31, 2023 — CHIPPEWA COUNTY CREDIT UNION is a federally insured state chartered credit union headquartered in SAULT SAINTE MARIE, MI with 2 branch locations and about $37.15 million in total assets. Opened 69 years ago in 1955, CHIPPEWA COUNTY CREDIT UNION has about 3,180 members and employs 13 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | CHIPPEWA COUNTY CREDIT UNION |
|---|---|
| Address: (Main Office) | 402 W Spruce St SAULT SAINTE MARIE, MI 49783 |
| Phone: | (906) 632-3134 |
| Fax: | (906) 632-3137 |
| Website: | https://chippewacountycu.com |
| Branches: | 2 branch locations |
| Members: | 3,180 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 61416 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1955 |
| Last Audited: | Mar 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $37,151,551 |
| CEO/Manager: | Connie Toensing |
| Chairperson: | Tom Luoma |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 1,628,027 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 5,984,328 |
| Unsecured Loans | 1,613,925 |
| Other Loans | 10,693,323 |
| TOTAL LOANS | 18,291,578 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -168,475 |
| Land And Building | 799,319 |
| Other Fixed Assets | 165,589 |
| NCUSIF Deposit | 341,104 |
| All Other Assets | 0 |
| TOTAL ASSETS | 37,151,551 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 24,257 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 178,435 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 7,235,017 |
| Regular shares | 17,665,959 |
| All Other Shares & Deposits | 7,889,570 |
| TOTAL SHARES & DEPOSITS | 32,790,546 |
| TOTAL LIABILITIES | 32,993,238 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 4,158,313 |
| TOTAL EQUITY | 4,158,313 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 37,151,551 |
| INCOME & EXPENSE | |
| Loan Income | 1,093,797 |
| Investment Income | 320,302 |
| Other Income | 353,086 |
| Total Employee Compensation & Benefits | 667,357 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 1,041,670 |
| Non-operating Income & (Expense) | 37,267 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 37,577 |
| Cost of Funds | 82,579 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 282,227 |
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