Sep, 30, 2025 — MICHIGAN LEGACY CREDIT UNION is a federally insured state chartered credit union headquartered in WYANDOTTE, MI with 5 branch locations and about $214.37 million in total assets. Opened 80 years ago in 1946, MICHIGAN LEGACY CREDIT UNION has about 19,949 members and employs 69 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | MICHIGAN LEGACY CREDIT UNION |
|---|---|
| Address: (Main Office) | 269 Oak St WYANDOTTE, MI 48192-5126 |
| Phone: | (734) 285-0600 |
| Fax: | (734) 285-3264 |
| Website: | https://www.michiganlegacycu.org |
| Branches: | 5 branch locations |
| Members: | 19,949 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 62642 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1946 |
| Last Audited: | Mar 01, 2024 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $214,369,872 |
| CEO/Manager: | Carma Peters |
| Chairperson: | Kevin Golden |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 46,034,848 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 78,648,937 |
| Unsecured Loans | 10,151,788 |
| Other Loans | 47,010,740 |
| TOTAL LOANS | 135,841,055 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -383,777 |
| Land And Building | 10,445,696 |
| Other Fixed Assets | 363,981 |
| NCUSIF (National Credit Union Share Insurance Fund) Deposit | 1,776,457 |
| All Other Assets | 0 |
| TOTAL ASSETS | 214,369,872 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 340,961 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 43,100,185 |
| Regular shares | 84,279,284 |
| All Other Shares & Deposits | 59,120,438 |
| TOTAL SHARES & DEPOSITS | 186,499,907 |
| TOTAL LIABILITIES | 186,840,868 |
| Regular Reserve | 0 |
| Other Reserves | 2,375,951 |
| Undivided Earnings | 25,153,053 |
| TOTAL EQUITY | 27,529,004 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 214,369,872 |
| INCOME & EXPENSE | |
| Loan Income | 5,465,117 |
| Investment Income | 1,452,537 |
| Other Income | 1,500,676 |
| Total Employee Compensation & Benefits | 4,242,971 |
| NCUSIF (National Credit Union Share Insurance Fund) Premiums Expense | 0 |
| Total Other Operating Expenses | 3,464,140 |
| Non-operating Income & (Expense) | -159,224 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 770,456 |
| Cost of Funds | 698,655 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 907,568 |
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