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 |
|---|---|
| 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 |
|---|---|
| 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 |
|---|---|
| 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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