LOC FEDERAL CREDIT UNION is no longer an active credit union according to the NCUA. If available, you can view their website at https://loccreditunion.com for more information.
Jun, 30, 2024 — LOC FEDERAL CREDIT UNION is a federal credit union headquartered in FARMINGTON, MI with 3 branch locations and about $331.20 million in total assets. Opened 74 years ago in 1950, LOC FEDERAL CREDIT UNION has about 23,130 members and employs 61 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | LOC FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 22981 FARMINGTON RD FARMINGTON, MI 48336 |
| Phone: | (248) 474-2200 |
| Fax: | (248) 473-9957 |
| Website: | https://loccreditunion.com |
| Branches: | 3 branch locations |
| Members: | 23,130 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 6651 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1950 |
| Last Audited: | Sep 01, 2021 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $331,196,320 |
| CEO/Manager: | Stephen Grech |
| Chairperson: | Mike Lasley |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 33,209,390 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 62,153,108 |
| Unsecured Loans | 6,978,887 |
| Other Loans | 77,963,162 |
| TOTAL LOANS | 166,704,561 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -576,595 |
| Land And Building | 4,250,731 |
| Other Fixed Assets | 814,278 |
| NCUSIF Deposit | 2,786,204 |
| All Other Assets | 0 |
| TOTAL ASSETS | 331,196,320 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 333 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 4,214,889 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 69,028,609 |
| Regular shares | 145,497,534 |
| All Other Shares & Deposits | 95,035,976 |
| TOTAL SHARES & DEPOSITS | 309,562,119 |
| TOTAL LIABILITIES | 313,777,341 |
| Regular Reserve | 0 |
| Other Reserves | -6,166,288 |
| Undivided Earnings | 23,585,267 |
| TOTAL EQUITY | 17,418,979 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 331,196,320 |
| INCOME & EXPENSE | |
| Loan Income | 1,276,728 |
| Investment Income | 286,785 |
| Other Income | 360,569 |
| Total Employee Compensation & Benefits | 1,194,945 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 927,117 |
| Non-operating Income & (Expense) | -1 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | -59,921 |
| Cost of Funds | 30,435 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 228,261 |
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