Dec, 31, 2023 — AAC CREDIT UNION is a federally insured state chartered credit union headquartered in GRAND RAPIDS, MI with 7 branch locations and about $184.17 million in total assets. Opened 87 years ago in 1937, AAC CREDIT UNION has about 14,941 members and employs 44 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | AAC CREDIT UNION |
---|---|
Address: (Main Office) | 177 Wilson Ave NW GRAND RAPIDS, MI 49534 |
Phone: | (616) 288-0288 |
Fax: | (616) 735-4919 |
Website: | https://aaccreditunion.org |
Branches: | 7 branch locations |
Members: | 14,941 |
Credit Union Type: | Federally Insured State Chartered Credit Union |
Charter Number: | 62217 |
---|---|
Membership Type: | State chartered natural person |
Corporate Credit Union: | No |
Year Opened: | 1937 |
Last Audited: | Jun 01, 2023 |
FHLB Member: | No |
Low Income Designation: | No |
Assets: | $184,172,237 |
CEO/Manager: | Brian Turmell |
Chairperson: | Thane Barden |
ASSETS: | $ Amount |
---|---|
Cash & Equivalents | 8,177,693 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 70,049,153 |
Unsecured Loans | 9,420,519 |
Other Loans | 46,880,482 |
TOTAL LOANS | 126,350,153 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,057,163 |
Land And Building | 4,179,913 |
Other Fixed Assets | 450,590 |
NCUSIF Deposit | 1,396,469 |
All Other Assets | 0 |
TOTAL ASSETS | 184,172,237 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 381,794 |
Notes & Interest Payable | 0 |
Accounts Payable & Other Liabilities | 1,818,944 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 18,668,836 |
Regular shares | 42,392,645 |
All Other Shares & Deposits | 77,802,309 |
TOTAL SHARES & DEPOSITS | 138,863,790 |
TOTAL LIABILITIES | 141,064,528 |
Regular Reserve | 0 |
Other Reserves | 0 |
Undivided Earnings | 43,107,709 |
TOTAL EQUITY | 43,107,709 |
TOTAL LIABILITIES, SHARES, & EQUITY | 184,172,237 |
INCOME & EXPENSE | |
Loan Income | 6,556,102 |
Investment Income | 1,455,487 |
Other Income | 1,360,657 |
Total Employee Compensation & Benefits | 3,208,177 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 2,957,238 |
Non-operating Income & (Expense) | 5,171 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 41,690 |
Cost of Funds | 2,025,978 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 2,443,998 |
↑ Back to Top |
» See also Statement of Financial Condition