Dec, 31, 2023 — ALPENA-ALCONA AREA CREDIT UNION is a federally insured state chartered credit union headquartered in ALPENA, MI with 13 branch locations and about $775.48 million in total assets. Opened 71 years ago in 1953, ALPENA-ALCONA AREA CREDIT UNION has about 46,181 members and employs 139 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | ALPENA-ALCONA AREA CREDIT UNION |
|---|---|
| Address: (Main Office) | 1100 S Bagley St ALPENA, MI 49707-8104 |
| Phone: | (989) 356-3577 |
| Fax: | (989) 354-5551 |
| Website: | https://www.aaacu.com |
| Branches: | 13 branch locations |
| Members: | 46,181 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 62035 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1953 |
| Last Audited: | Dec 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $775,484,744 |
| CEO/Manager: | Donald J Mills |
| Chairperson: | Charles Negro |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 130,892,456 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 180,916,886 |
| Unsecured Loans | 66,743,074 |
| Other Loans | 190,955,850 |
| TOTAL LOANS | 450,847,101 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -3,677,143 |
| Land And Building | 5,839,210 |
| Other Fixed Assets | 827,558 |
| NCUSIF Deposit | 6,015,750 |
| All Other Assets | 130,756 |
| TOTAL ASSETS | 775,484,744 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 1,711,030 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 4,710,267 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 102,141,306 |
| Regular shares | 192,514,552 |
| All Other Shares & Deposits | 386,758,464 |
| TOTAL SHARES & DEPOSITS | 681,414,322 |
| TOTAL LIABILITIES | 687,835,619 |
| Regular Reserve | 0 |
| Other Reserves | 11,399,226 |
| Undivided Earnings | 76,249,899 |
| TOTAL EQUITY | 87,649,125 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 775,484,744 |
| INCOME & EXPENSE | |
| Loan Income | 21,342,509 |
| Investment Income | 10,995,694 |
| Other Income | 2,108,781 |
| Total Employee Compensation & Benefits | 9,369,066 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 8,365,310 |
| Non-operating Income & (Expense) | -71,297 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 2,958,107 |
| Cost of Funds | 8,762,357 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 9,863,305 |
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