Dec, 31, 2023 — WESTACRES CREDIT UNION is a federally insured state chartered credit union headquartered in WEST BLOOMFIELD, MI with 1 branch location and about $7.35 million in total assets. Opened 88 years ago in 1936, WESTACRES CREDIT UNION has about 578 members and employs 5 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | WESTACRES CREDIT UNION |
|---|---|
| Address: (Main Office) | 3700 WESTACRES DR WEST BLOOMFIELD, MI 48324-2576 |
| Phone: | (248) 363-4376 |
| Fax: | (248) 363-2988 |
| Website: | n/a |
| Branches: | 1 branch locations |
| Members: | 578 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 62316 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1936 |
| Last Audited: | Aug 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $7,352,860 |
| CEO/Manager: | Heather Milz |
| Chairperson: | MARKELL SEITZMAN |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 1,799,281 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 472,997 |
| Unsecured Loans | 29,439 |
| Other Loans | 822,186 |
| TOTAL LOANS | 1,324,622 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -3,000 |
| Land And Building | 27,750 |
| Other Fixed Assets | 0 |
| NCUSIF Deposit | 69,162 |
| All Other Assets | 0 |
| TOTAL ASSETS | 7,352,860 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 96,291 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 17,055 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 0 |
| Regular shares | 6,314,183 |
| All Other Shares & Deposits | 0 |
| TOTAL SHARES & DEPOSITS | 6,314,183 |
| TOTAL LIABILITIES | 6,427,529 |
| Regular Reserve | 0 |
| Other Reserves | 426,108 |
| Undivided Earnings | 499,223 |
| TOTAL EQUITY | 925,331 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 7,352,860 |
| INCOME & EXPENSE | |
| Loan Income | 48,510 |
| Investment Income | 153,590 |
| Other Income | 0 |
| Total Employee Compensation & Benefits | 39,742 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 58,591 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 1,000 |
| Cost of Funds | 96,291 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 6,493 |
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