Dec, 31, 2023 — FIRST AREA CREDIT UNION is a federally insured state chartered credit union headquartered in SAGINAW, MI with 2 branch locations and about $41.37 million in total assets. Opened 63 years ago in 1961, FIRST AREA CREDIT UNION has about 3,306 members and employs 12 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | FIRST AREA CREDIT UNION |
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Address: (Main Office) | 193 Campbell Ln SAGINAW, MI 48609 |
Phone: | (989) 781-1430 |
Fax: | (989) 781-5202 |
Website: | https://www.firstareacu.com |
Branches: | 2 branch locations |
Members: | 3,306 |
Credit Union Type: | Federally Insured State Chartered Credit Union |
Charter Number: | 61756 |
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Membership Type: | State chartered natural person |
Corporate Credit Union: | No |
Year Opened: | 1961 |
Last Audited: | Jun 01, 2023 |
FHLB Member: | No |
Low Income Designation: | No |
Assets: | $41,370,225 |
CEO/Manager: | Lynn Mccoy |
Chairperson: | James Theisen JR |
ASSETS: | $ Amount |
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Cash & Equivalents | 3,710,866 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 6,779,269 |
Unsecured Loans | 365,445 |
Other Loans | 10,600,876 |
TOTAL LOANS | 17,745,591 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -68,778 |
Land And Building | 779,318 |
Other Fixed Assets | 185,620 |
NCUSIF Deposit | 423,626 |
All Other Assets | 0 |
TOTAL ASSETS | 41,370,225 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 0 |
Notes & Interest Payable | 753,705 |
Accounts Payable & Other Liabilities | 56,672 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 9,745,951 |
Regular shares | 19,699,514 |
All Other Shares & Deposits | 8,748,756 |
TOTAL SHARES & DEPOSITS | 38,194,222 |
TOTAL LIABILITIES | 39,004,599 |
Regular Reserve | 0 |
Other Reserves | -1,553,991 |
Undivided Earnings | 3,919,617 |
TOTAL EQUITY | 2,365,626 |
TOTAL LIABILITIES, SHARES, & EQUITY | 41,370,225 |
INCOME & EXPENSE | |
Loan Income | 816,932 |
Investment Income | 423,758 |
Other Income | 311,421 |
Total Employee Compensation & Benefits | 507,158 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 835,191 |
Non-operating Income & (Expense) | 0 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | -24,004 |
Cost of Funds | 189,905 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 75,194 |
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