Jun, 30, 2024 — OUR CREDIT UNION is a federally insured state chartered credit union headquartered in ROYAL OAK, MI with 5 branch locations and about $381.98 million in total assets. Opened 65 years ago in 1959, OUR CREDIT UNION has about 23,608 members and employs 82 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 |
|---|---|
| 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: | 23,608 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 62028 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1959 |
| Last Audited: | Dec 01, 2021 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $381,975,880 |
| CEO/Manager: | Darren Cameron |
| Chairperson: | Tom Cardelli |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 8,434,369 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 93,689,039 |
| Unsecured Loans | 35,852,136 |
| Other Loans | 121,407,386 |
| TOTAL LOANS | 250,948,561 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -3,317,323 |
| Land And Building | 5,571,908 |
| Other Fixed Assets | 847,948 |
| NCUSIF Deposit | 3,414,273 |
| All Other Assets | 0 |
| TOTAL ASSETS | 381,975,880 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 10,000,000 |
| Accounts Payable & Other Liabilities | 1,970,528 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 78,412,209 |
| Regular shares | 183,022,100 |
| All Other Shares & Deposits | 94,151,016 |
| TOTAL SHARES & DEPOSITS | 355,585,325 |
| TOTAL LIABILITIES | 367,555,853 |
| Regular Reserve | 0 |
| Other Reserves | -12,764,145 |
| Undivided Earnings | 27,184,172 |
| TOTAL EQUITY | 14,420,027 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 381,975,880 |
| INCOME & EXPENSE | |
| Loan Income | 8,137,239 |
| Investment Income | 1,575,363 |
| Other Income | 1,543,411 |
| Total Employee Compensation & Benefits | 4,320,579 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 5,336,935 |
| Non-operating Income & (Expense) | -16 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 881,834 |
| Cost of Funds | 645,450 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,488,648 |
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