Sep, 30, 2025 — THE LOCAL CREDIT UNION is a federally insured state chartered credit union headquartered in STERLING HEIGHTS, MI with 1 branch location and about $103.85 million in total assets. Opened 77 years ago in 1949, THE LOCAL CREDIT UNION has about 9,689 members and employs 21 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | THE LOCAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 39139 Mound Rd STERLING HEIGHTS, MI 48310-2737 |
| Phone: | (586) 264-1212 |
| Fax: | (586) 264-9447 |
| Website: | https://www.thelocalcreditunion.com |
| Branches: | 1 branch locations |
| Members: | 9,689 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 63342 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1949 |
| Last Audited: | Jun 01, 2025 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $103,854,978 |
| CEO/Manager: | Joseph F Hallman |
| Chairperson: | Joseph Cusenza |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 9,637,112 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 9,822,401 |
| Unsecured Loans | 4,146,839 |
| Other Loans | 28,341,970 |
| TOTAL LOANS | 42,311,210 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -403,888 |
| Land And Building | 2,232,808 |
| Other Fixed Assets | 132,045 |
| NCUSIF (National Credit Union Share Insurance Fund) Deposit | 833,294 |
| All Other Assets | 12,550 |
| TOTAL ASSETS | 103,854,978 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 9,556 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 935,615 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 19,119,693 |
| Regular shares | 19,480,752 |
| All Other Shares & Deposits | 48,936,293 |
| TOTAL SHARES & DEPOSITS | 87,536,738 |
| TOTAL LIABILITIES | 88,481,909 |
| Regular Reserve | 0 |
| Other Reserves | -721,852 |
| Undivided Earnings | 16,094,921 |
| TOTAL EQUITY | 15,373,069 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 103,854,978 |
| INCOME & EXPENSE | |
| Loan Income | 2,017,755 |
| Investment Income | 1,270,941 |
| Other Income | 664,123 |
| Total Employee Compensation & Benefits | 1,540,799 |
| NCUSIF (National Credit Union Share Insurance Fund) Premiums Expense | 0 |
| Total Other Operating Expenses | 1,791,756 |
| Non-operating Income & (Expense) | -1,678 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 375,102 |
| Cost of Funds | 456,840 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 446,829 |
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