Dec, 31, 2023 — RACINE MUNICIPAL EMPLOYEES CREDIT UNION is a federally insured state chartered credit union headquartered in RACINE, WI with 1 branch location and about $21.29 million in total assets. Opened 71 years ago in 1953, RACINE MUNICIPAL EMPLOYEES CREDIT UNION has about 1,857 members and employs 6 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | RACINE MUNICIPAL EMPLOYEES CREDIT UNION |
|---|---|
| Address: (Main Office) | 1907 Lathrop Ave RACINE, WI 53405-3706 |
| Phone: | (262) 637-7274 |
| Fax: | (262) 637-0491 |
| Website: | https://rmecu.org |
| Branches: | 1 branch locations |
| Members: | 1,857 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 66622 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1953 |
| Last Audited: | Sep 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $21,290,280 |
| CEO/Manager: | Nicole M Christensen-Zabler |
| Chairperson: | Scott O Sharp |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 955,825 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 5,966,836 |
| Unsecured Loans | 667,787 |
| Other Loans | 9,697,568 |
| TOTAL LOANS | 16,332,191 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -85,221 |
| Land And Building | 66,786 |
| Other Fixed Assets | 12,104 |
| NCUSIF Deposit | 185,181 |
| All Other Assets | 0 |
| TOTAL ASSETS | 21,290,280 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 197,272 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 3,463,986 |
| Regular shares | 11,110,448 |
| All Other Shares & Deposits | 3,842,150 |
| TOTAL SHARES & DEPOSITS | 18,416,584 |
| TOTAL LIABILITIES | 18,613,856 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 2,676,424 |
| TOTAL EQUITY | 2,676,424 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 21,290,280 |
| INCOME & EXPENSE | |
| Loan Income | 601,234 |
| Investment Income | 142,822 |
| Other Income | 73,831 |
| Total Employee Compensation & Benefits | 244,643 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 383,284 |
| Non-operating Income & (Expense) | 11,475 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | -39,423 |
| Cost of Funds | 78,117 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 289,548 |
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» See also Statement of Financial Condition