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MICHIGAN COASTAL CREDIT UNION

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.


ABA Routing Number: 272483277
Name:MICHIGAN COASTAL CREDIT UNION
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
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

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Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
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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