Dec, 31, 2023 — MICHIGAN LEGACY CREDIT UNION is a federally insured state chartered credit union headquartered in WYANDOTTE, MI with 5 branch locations and about $216.02 million in total assets. Opened 78 years ago in 1946, MICHIGAN LEGACY CREDIT UNION has about 21,807 members and employs 73 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 |
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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: | 21,807 |
Credit Union Type: | Federally Insured State Chartered Credit Union |
Charter Number: | 62642 |
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Membership Type: | State chartered natural person |
Corporate Credit Union: | No |
Year Opened: | 1946 |
Last Audited: | Mar 01, 2023 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $216,021,463 |
CEO/Manager: | Carma Peters |
Chairperson: | Bruce Crossman |
ASSETS: | $ Amount |
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Cash & Equivalents | 3,305,523 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 76,210,563 |
Unsecured Loans | 10,649,606 |
Other Loans | 77,785,147 |
TOTAL LOANS | 164,761,454 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -289,913 |
Land And Building | 9,485,576 |
Other Fixed Assets | 709,436 |
NCUSIF Deposit | 2,050,741 |
All Other Assets | 0 |
TOTAL ASSETS | 216,021,463 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 0 |
Notes & Interest Payable | 0 |
Accounts Payable & Other Liabilities | 1,044,834 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 44,873,376 |
Regular shares | 94,839,251 |
All Other Shares & Deposits | 51,106,823 |
TOTAL SHARES & DEPOSITS | 190,819,450 |
TOTAL LIABILITIES | 191,864,284 |
Regular Reserve | 0 |
Other Reserves | 1,355,252 |
Undivided Earnings | 22,801,927 |
TOTAL EQUITY | 24,157,179 |
TOTAL LIABILITIES, SHARES, & EQUITY | 216,021,463 |
INCOME & EXPENSE | |
Loan Income | 6,611,432 |
Investment Income | 1,088,171 |
Other Income | 2,039,491 |
Total Employee Compensation & Benefits | 5,262,208 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 4,666,158 |
Non-operating Income & (Expense) | 21,638 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 116,787 |
Cost of Funds | 637,077 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 858,868 |
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» See also Statement of Financial Condition