Dec, 31, 2023 — LAKE MICHIGAN CREDIT UNION is a federally insured state chartered credit union headquartered in CALEDONIA, MI with 69 branch locations and about $13.37 billion in total assets. Opened 91 years ago in 1933, LAKE MICHIGAN CREDIT UNION has about 486,543 members and employs 1,654 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | LAKE MICHIGAN CREDIT UNION |
|---|---|
| Address: (Main Office) | 5664 Prairie Creek Dr SE CALEDONIA, MI 49316 |
| Phone: | (616) 242-9790 |
| Fax: | |
| Website: | https://www.lmcu.org |
| Branches: | 69 branch locations |
| Members: | 486,543 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 62514 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1933 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $13,373,592,423 |
| CEO/Manager: | Sandy Jelinski |
| Chairperson: | Gretchen Tellman |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 661,745,497 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 43,769,200 |
| Real Estate Loans | 9,469,300,595 |
| Unsecured Loans | 350,197,037 |
| Other Loans | 1,824,290,261 |
| TOTAL LOANS | 11,643,787,893 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -87,753,447 |
| Land And Building | 109,738,528 |
| Other Fixed Assets | 11,705,537 |
| NCUSIF Deposit | 90,636,118 |
| All Other Assets | 637,292 |
| TOTAL ASSETS | 13,373,592,423 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 6,427,371 |
| Notes & Interest Payable | 570,000,000 |
| Accounts Payable & Other Liabilities | 151,380,608 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 3,120,897,519 |
| Regular shares | 1,761,382,060 |
| All Other Shares & Deposits | 6,377,589,740 |
| TOTAL SHARES & DEPOSITS | 11,259,869,319 |
| TOTAL LIABILITIES | 11,992,976,194 |
| Regular Reserve | 0 |
| Other Reserves | -103,428,792 |
| Undivided Earnings | 1,484,045,021 |
| TOTAL EQUITY | 1,380,616,229 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 13,373,592,423 |
| INCOME & EXPENSE | |
| Loan Income | 500,574,540 |
| Investment Income | 35,730,234 |
| Other Income | 30,037,936 |
| Total Employee Compensation & Benefits | 151,350,361 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 126,052,367 |
| Non-operating Income & (Expense) | 63,015 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 19,106,329 |
| Cost of Funds | 223,317,746 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 172,220,474 |
| ↑ Back to Top | |