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National Credit Union Service Organization

THE LOCAL CREDIT UNION

Jun, 30, 2021 — THE LOCAL CREDIT UNION is a federally insured state chartered credit union headquartered in STERLING HEIGHT, MI with 1 branch location and about $111.94 million in total assets. Opened 72 years ago in 1949, THE LOCAL CREDIT UNION has about 11,048 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:11,048
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:$111,944,679
CEO/Manager:Joseph F Hallman
Chairperson:Joseph Cusenza

Call Report

  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 8,631,405
TOTAL INVESTMENTS 53,228,944
Loans Held for Sale 0
 
 Real Estate Loans 9,912,259
 Unsecured Loans 4,832,180
 Other Loans 28,812,954
 TOTAL LOANS 43,557,393
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -489,201
 Land And Building 2,409,148
 Other Fixed Assets 223,970
 NCUSIF Deposit 887,034
 All Other Assets 3,495,986
  TOTAL ASSETS 111,944,679
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 633,247
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 15,391,370
 Regular shares 19,685,674
 All Other Shares & Deposits 60,762,239
  TOTAL SHARES & DEPOSITS 95,839,283
  TOTAL LIABILITIES 96,472,530
 Regular Reserve 8,395,000
 Other Reserves 684,593
 Undivided Earnings 6,392,556
  TOTAL EQUITY 15,472,149
  TOTAL LIABILITIES, SHARES, & EQUITY 111,944,679
INCOME & EXPENSE  
 Loan Income 1,133,457
 Investment Income 336,619
 Other Income 426,531
 Total Employee Compensation & Benefits 832,843
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 1,095,031
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 14,362
 Cost of Funds 250,123
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 79,279
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