Dec, 31, 2023 — ELY AREA CREDIT UNION is a federally insured state chartered credit union headquartered in ELY, MN with 2 branch locations and about $64.99 million in total assets. Opened 86 years ago in 1938, ELY AREA CREDIT UNION has about 4,558 members and employs 9 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | ELY AREA CREDIT UNION |
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Address: (Main Office) | 2 E Chapman St ELY, MN 55731 |
Phone: | (218) 365-3131 |
Fax: | (218) 365-3045 |
Website: | https://www.elyareacu.org |
Branches: | 2 branch locations |
Members: | 4,558 |
Credit Union Type: | Federally Insured State Chartered Credit Union |
Charter Number: | 63398 |
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Membership Type: | State chartered natural person |
Corporate Credit Union: | No |
Year Opened: | 1938 |
Last Audited: | Dec 01, 2022 |
FHLB Member: | No |
Low Income Designation: | No |
Assets: | $64,991,555 |
CEO/Manager: | Mark S Krekelberg |
Chairperson: | Anthony Gornik |
ASSETS: | $ Amount |
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Cash & Equivalents | 6,852,427 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 12,941,027 |
Unsecured Loans | 1,232,500 |
Other Loans | 9,647,401 |
TOTAL LOANS | 23,820,928 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -151,323 |
Land And Building | 285,341 |
Other Fixed Assets | 28,096 |
NCUSIF Deposit | 576,277 |
All Other Assets | 0 |
TOTAL ASSETS | 64,991,555 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 0 |
Notes & Interest Payable | 0 |
Accounts Payable & Other Liabilities | 41,569 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 17,353,172 |
Regular shares | 26,041,349 |
All Other Shares & Deposits | 12,893,629 |
TOTAL SHARES & DEPOSITS | 56,288,150 |
TOTAL LIABILITIES | 56,329,719 |
Regular Reserve | 0 |
Other Reserves | 2,345,110 |
Undivided Earnings | 6,316,726 |
TOTAL EQUITY | 8,661,836 |
TOTAL LIABILITIES, SHARES, & EQUITY | 64,991,555 |
INCOME & EXPENSE | |
Loan Income | 1,138,767 |
Investment Income | 744,163 |
Other Income | 105,277 |
Total Employee Compensation & Benefits | 520,388 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 780,765 |
Non-operating Income & (Expense) | 0 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 15,000 |
Cost of Funds | 63,915 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 956,220 |
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» See also Statement of Financial Condition