Dec, 31, 2023 — BEST FINANCIAL CREDIT UNION is a federally insured state chartered credit union headquartered in MUSKEGON, MI with 2 branch locations and about $138.98 million in total assets. Opened 69 years ago in 1955, BEST FINANCIAL CREDIT UNION has about 13,254 members and employs 42 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | BEST FINANCIAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 1888 E Sherman Blvd MUSKEGON, MI 49444-1822 |
| Phone: | (231) 733-1329 |
| Fax: | (231) 737-1425 |
| Website: | https://www.bestfinancialcu.org |
| Branches: | 2 branch locations |
| Members: | 13,254 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 62027 |
|---|---|
| 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: | $138,982,092 |
| CEO/Manager: | Morgan Rescorla |
| Chairperson: | Shontaye Witcher |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 2,800,827 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 40,104,461 |
| Unsecured Loans | 8,091,942 |
| Other Loans | 51,653,571 |
| TOTAL LOANS | 99,944,925 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -854,612 |
| Land And Building | 2,251,011 |
| Other Fixed Assets | 398,558 |
| NCUSIF Deposit | 1,158,573 |
| All Other Assets | 0 |
| TOTAL ASSETS | 138,982,092 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 36 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 616,041 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 19,340,402 |
| Regular shares | 43,714,054 |
| All Other Shares & Deposits | 52,759,057 |
| TOTAL SHARES & DEPOSITS | 115,813,513 |
| TOTAL LIABILITIES | 116,429,590 |
| Regular Reserve | 0 |
| Other Reserves | -44,329 |
| Undivided Earnings | 22,596,831 |
| TOTAL EQUITY | 22,552,502 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 138,982,092 |
| INCOME & EXPENSE | |
| Loan Income | 4,800,204 |
| Investment Income | 829,774 |
| Other Income | 1,326,072 |
| Total Employee Compensation & Benefits | 2,965,895 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 3,333,998 |
| Non-operating Income & (Expense) | 1,168,408 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 578,475 |
| Cost of Funds | 1,445,750 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 232,201 |
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