Sep, 30, 2025 — SOO CO-OP CREDIT UNION is a federally insured state chartered credit union headquartered in SAULT SAINTE MARIE, MI with 6 branch locations and about $308.46 million in total assets. Opened 68 years ago in 1958, SOO CO-OP CREDIT UNION has about 24,466 members and employs 91 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | SOO CO-OP CREDIT UNION |
|---|---|
| Address: (Main Office) | 4489 I 75 Business Spur SAULT SAINTE MARIE, MI 49783 |
| Phone: | (906) 632-5300 |
| Fax: | (906) 632-6631 |
| Website: | https://www.soocoop.com |
| Branches: | 6 branch locations |
| Members: | 24,466 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 62325 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1958 |
| Last Audited: | Dec 01, 2024 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $308,461,190 |
| CEO/Manager: | Lynda L Ellis |
| Chairperson: | Edwin J Cook |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 49,434,114 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 43,392,014 |
| Unsecured Loans | 15,421,395 |
| Other Loans | 121,369,873 |
| TOTAL LOANS | 182,162,643 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -939,780 |
| Land And Building | 4,257,157 |
| Other Fixed Assets | 251,516 |
| NCUSIF (National Credit Union Share Insurance Fund) Deposit | 2,561,014 |
| All Other Assets | 26,663 |
| TOTAL ASSETS | 308,461,190 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 145,416 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 1,574,296 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 51,639,428 |
| Regular shares | 106,313,868 |
| All Other Shares & Deposits | 111,284,371 |
| TOTAL SHARES & DEPOSITS | 269,237,667 |
| TOTAL LIABILITIES | 270,957,379 |
| Regular Reserve | 0 |
| Other Reserves | -910,765 |
| Undivided Earnings | 38,414,576 |
| TOTAL EQUITY | 37,503,811 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 308,461,190 |
| INCOME & EXPENSE | |
| Loan Income | 8,203,268 |
| Investment Income | 2,512,950 |
| Other Income | 1,197,043 |
| Total Employee Compensation & Benefits | 4,128,823 |
| NCUSIF (National Credit Union Share Insurance Fund) Premiums Expense | 0 |
| Total Other Operating Expenses | 4,024,363 |
| Non-operating Income & (Expense) | 50 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 245,420 |
| Cost of Funds | 2,390,868 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 2,990,589 |
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