Dec, 31, 2023 — SOO CO-OP CREDIT UNION is a federally insured state chartered credit union headquartered in SAULT SAINTE MARIE, MI with 7 branch locations and about $259.28 million in total assets. Opened 66 years ago in 1958, SOO CO-OP CREDIT UNION has about 24,132 members and employs 85 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 |
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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: | 7 branch locations |
Members: | 24,132 |
Credit Union Type: | Federally Insured State Chartered Credit Union |
Charter Number: | 62325 |
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Membership Type: | State chartered natural person |
Corporate Credit Union: | No |
Year Opened: | 1958 |
Last Audited: | Dec 01, 2022 |
FHLB Member: | No |
Low Income Designation: | No |
Assets: | $259,284,778 |
CEO/Manager: | Lynda L Ellis |
Chairperson: | Edwin J Cook |
ASSETS: | $ Amount |
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Cash & Equivalents | 13,710,144 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 39,913,911 |
Unsecured Loans | 15,271,471 |
Other Loans | 109,635,659 |
TOTAL LOANS | 166,649,653 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -616,606 |
Land And Building | 4,413,055 |
Other Fixed Assets | 298,074 |
NCUSIF Deposit | 2,175,708 |
All Other Assets | 28,430 |
TOTAL ASSETS | 259,284,778 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 86,055 |
Notes & Interest Payable | 0 |
Accounts Payable & Other Liabilities | 1,484,721 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 50,432,480 |
Regular shares | 99,163,176 |
All Other Shares & Deposits | 80,394,128 |
TOTAL SHARES & DEPOSITS | 229,989,783 |
TOTAL LIABILITIES | 231,560,559 |
Regular Reserve | 0 |
Other Reserves | -4,510,784 |
Undivided Earnings | 32,235,003 |
TOTAL EQUITY | 27,724,219 |
TOTAL LIABILITIES, SHARES, & EQUITY | 259,284,778 |
INCOME & EXPENSE | |
Loan Income | 8,480,642 |
Investment Income | 1,475,239 |
Other Income | 1,706,288 |
Total Employee Compensation & Benefits | 4,686,198 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 4,895,477 |
Non-operating Income & (Expense) | 0 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 236,688 |
Cost of Funds | 1,352,199 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 2,762,971 |
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