Dec, 31, 2023 — MICHIGAN COASTAL CREDIT UNION is a federally insured state chartered credit union headquartered in MUSKEGON, MI with 1 branch location and about $28.90 million in total assets. Opened 66 years ago in 1958, MICHIGAN COASTAL CREDIT UNION has about 2,664 members and employs 8 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | MICHIGAN COASTAL CREDIT UNION |
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Address: (Main Office) | 1086 Creston St MUSKEGON, MI 49442 |
Phone: | (231) 777-3620 |
Fax: | (231) 777-3727 |
Website: | https://www.michigancoastal.com |
Branches: | 1 branch locations |
Members: | 2,664 |
Credit Union Type: | Federally Insured State Chartered Credit Union |
Charter Number: | 61631 |
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Membership Type: | State chartered natural person |
Corporate Credit Union: | No |
Year Opened: | 1958 |
Last Audited: | Mar 01, 2023 |
FHLB Member: | No |
Low Income Designation: | No |
Assets: | $28,896,279 |
CEO/Manager: | Rob Viland |
Chairperson: | Wayne Ferrier |
ASSETS: | $ Amount |
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Cash & Equivalents | 1,183,598 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 17,350,764 |
Unsecured Loans | 2,718,428 |
Other Loans | 6,669,277 |
TOTAL LOANS | 26,738,469 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -308,445 |
Land And Building | 323,540 |
Other Fixed Assets | 174,432 |
NCUSIF Deposit | 226,118 |
All Other Assets | 36,105 |
TOTAL ASSETS | 28,896,279 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 76,793 |
Notes & Interest Payable | 1,196,641 |
Accounts Payable & Other Liabilities | 484,964 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 2,229,111 |
Regular shares | 6,185,451 |
All Other Shares & Deposits | 16,475,674 |
TOTAL SHARES & DEPOSITS | 24,890,237 |
TOTAL LIABILITIES | 26,648,635 |
Regular Reserve | 0 |
Other Reserves | 0 |
Undivided Earnings | 2,247,644 |
TOTAL EQUITY | 2,247,644 |
TOTAL LIABILITIES, SHARES, & EQUITY | 28,896,279 |
INCOME & EXPENSE | |
Loan Income | 1,565,358 |
Investment Income | 34,141 |
Other Income | 246,940 |
Total Employee Compensation & Benefits | 406,147 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 923,066 |
Non-operating Income & (Expense) | 8,190 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 207,111 |
Cost of Funds | 561,342 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 50,673 |
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