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National Credit Union Service Organization

THE LOCAL CREDIT UNION

Mar, 31, 2021 — THE LOCAL CREDIT UNION is a federally insured state chartered credit union headquartered in STERLING HEIGHT, MI with 1 branch location and about $113.09 million in total assets. Opened 72 years ago in 1949, THE LOCAL CREDIT UNION has about 10,848 members and employs 20 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 ROAD
STERLING HEIGHT, MI 48310-2737
Phone:(586) 264-1212
Fax:(586) 264-9447
Website:http://www.thelocalcreditunion.com
Branches:1 branch locations
Members:10,848
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, 2020
FHLB Member:Yes
Low Income Designation:No
Assets:$113,093,340
CEO/Manager:Joseph F Hallman
Chairperson:Joseph Cusenza

Call Report

  • Commercial Loans
  • Indirect Commercial Loans
  • Indirect Consumer Loans
  • Indirect Mortgage Loans
  • Micro Business Loans
  • Overdraft Lines of Credit
  • Overdraft Protection
  • Participation Loans
  • Real Estate Loans
  • Risk Based Loans
  • Share Secured Credit Cards
  • ATM/Debit Card Program
  • Commercial Share Accounts
  • Check Cashing
  • Insurance/Investment Sales
  • International Remittances

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 12,412,573
TOTAL INVESTMENTS 48,673,312
Loans Held for Sale 0
 
 Real Estate Loans 10,875,983
 Unsecured Loans 4,563,408
 Other Loans 29,865,292
 TOTAL LOANS 45,304,683
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -470,052
 Land And Building 2,427,448
 Other Fixed Assets 225,162
 NCUSIF Deposit 871,412
 All Other Assets 3,648,802
  TOTAL ASSETS 113,093,340
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 1,329,154
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 16,669,517
 Regular shares 19,721,088
 All Other Shares & Deposits 59,918,914
  TOTAL SHARES & DEPOSITS 96,309,519
  TOTAL LIABILITIES 97,638,673
 Regular Reserve 8,395,000
 Other Reserves 704,549
 Undivided Earnings 6,355,118
  TOTAL EQUITY 15,454,667
  TOTAL LIABILITIES, SHARES, & EQUITY 113,093,340
INCOME & EXPENSE  
 Loan Income 575,967
 Investment Income 177,718
 Other Income 213,221
 Total Employee Compensation & Benefits 441,402
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 535,406
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 4,378
 Cost of Funds 126,738
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 41,840
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