Dec, 31, 2023 — OUR CREDIT UNION is a federally insured state chartered credit union headquartered in ROYAL OAK, MI with 5 branch locations and about $364.50 million in total assets. Opened 65 years ago in 1959, OUR CREDIT UNION has about 23,930 members and employs 86 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | OUR CREDIT UNION |
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Address: (Main Office) | 3070 Normandy Rd ROYAL OAK, MI 48073 |
Phone: | (248) 549-3838 |
Fax: | (248) 549-0203 |
Website: | https://www.ourcuonline.org |
Branches: | 5 branch locations |
Members: | 23,930 |
Credit Union Type: | Federally Insured State Chartered Credit Union |
Charter Number: | 62028 |
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Membership Type: | State chartered natural person |
Corporate Credit Union: | No |
Year Opened: | 1959 |
Last Audited: | Dec 01, 2022 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $364,503,538 |
CEO/Manager: | Darren Cameron |
Chairperson: | Tom Cardelli |
ASSETS: | $ Amount |
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Cash & Equivalents | 33,590,340 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 87,987,645 |
Unsecured Loans | 25,805,181 |
Other Loans | 106,698,976 |
TOTAL LOANS | 220,491,802 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -2,564,396 |
Land And Building | 5,356,019 |
Other Fixed Assets | 1,090,520 |
NCUSIF Deposit | 3,371,925 |
All Other Assets | 305,667 |
TOTAL ASSETS | 364,503,538 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 0 |
Notes & Interest Payable | 5,000,000 |
Accounts Payable & Other Liabilities | 3,047,006 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 75,780,772 |
Regular shares | 159,428,812 |
All Other Shares & Deposits | 104,314,863 |
TOTAL SHARES & DEPOSITS | 339,524,447 |
TOTAL LIABILITIES | 347,571,453 |
Regular Reserve | 0 |
Other Reserves | -12,349,286 |
Undivided Earnings | 29,281,371 |
TOTAL EQUITY | 16,932,085 |
TOTAL LIABILITIES, SHARES, & EQUITY | 364,503,538 |
INCOME & EXPENSE | |
Loan Income | 11,763,193 |
Investment Income | 3,136,982 |
Other Income | 2,197,966 |
Total Employee Compensation & Benefits | 6,113,011 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 6,989,722 |
Non-operating Income & (Expense) | -350 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 1,691,281 |
Cost of Funds | 2,611,192 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 1,572,448 |
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» See also Statement of Financial Condition