Dec, 31, 2023 — COMMUNITY WEST CREDIT UNION is a federally insured state chartered credit union headquartered in KENTWOOD, MI with 6 branch locations and about $256.96 million in total assets. Opened 57 years ago in 1967, COMMUNITY WEST CREDIT UNION has about 19,590 members and employs 74 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | COMMUNITY WEST CREDIT UNION |
|---|---|
| Address: (Main Office) | 5801 Broadmoor Ave SE KENTWOOD, MI 49512 |
| Phone: | (616) 261-5657 |
| Fax: | (616) 698-0955 |
| Website: | https://www.communitywestcu.org |
| Branches: | 6 branch locations |
| Members: | 19,590 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 61677 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1967 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $256,963,663 |
| CEO/Manager: | Heidi Hunt |
| Chairperson: | Pamela Hove |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 15,859,919 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 74,359,016 |
| Unsecured Loans | 15,073,371 |
| Other Loans | 71,557,557 |
| TOTAL LOANS | 160,989,944 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,614,398 |
| Land And Building | 10,515,912 |
| Other Fixed Assets | 994,382 |
| NCUSIF Deposit | 2,222,702 |
| All Other Assets | 0 |
| TOTAL ASSETS | 256,963,663 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 811,016 |
| Notes & Interest Payable | 20,000,000 |
| Accounts Payable & Other Liabilities | 2,019,605 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 45,161,993 |
| Regular shares | 69,880,977 |
| All Other Shares & Deposits | 105,193,969 |
| TOTAL SHARES & DEPOSITS | 220,236,940 |
| TOTAL LIABILITIES | 243,067,561 |
| Regular Reserve | 0 |
| Other Reserves | -3,938,328 |
| Undivided Earnings | 17,834,430 |
| TOTAL EQUITY | 13,896,102 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 256,963,663 |
| INCOME & EXPENSE | |
| Loan Income | 7,984,333 |
| Investment Income | 1,580,724 |
| Other Income | 1,685,160 |
| Total Employee Compensation & Benefits | 5,499,104 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 4,852,782 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 107,652 |
| Cost of Funds | 3,121,265 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | -374,935 |
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