Dec, 31, 2023 — MECU CREDIT UNION (MECU) is a federally insured state chartered credit union headquartered in BALTIMORE, MD with 9 branch locations and about $1.30 billion in total assets. Opened 88 years ago in 1936, MECU CREDIT UNION (MECU) has about 103,030 members and employs 307 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | MECU CREDIT UNION |
|---|---|
| Address: (Main Office) | 1 South St BALTIMORE, MD 21202 |
| Phone: | (410) 752-8313 |
| Fax: | (443) 927-3804 |
| Website: | https://www.mecu.com |
| Branches: | 9 branch locations |
| Members: | 103,030 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 66787 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1936 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $1,302,310,518 |
| CEO/Manager: | John Hamilton |
| Chairperson: | Roman Clark |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 40,470,942 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 364,127,136 |
| Unsecured Loans | 90,873,020 |
| Other Loans | 373,457,543 |
| TOTAL LOANS | 828,457,699 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -11,146,307 |
| Land And Building | 2,186,193 |
| Other Fixed Assets | 15,819,040 |
| NCUSIF Deposit | 10,780,634 |
| All Other Assets | 149,702 |
| TOTAL ASSETS | 1,302,310,518 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 636,209 |
| Notes & Interest Payable | 76,071,429 |
| Accounts Payable & Other Liabilities | 26,301,874 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 210,519,704 |
| Regular shares | 510,960,895 |
| All Other Shares & Deposits | 359,411,222 |
| TOTAL SHARES & DEPOSITS | 1,080,891,821 |
| TOTAL LIABILITIES | 1,183,901,333 |
| Regular Reserve | 0 |
| Other Reserves | -36,326,670 |
| Undivided Earnings | 154,735,855 |
| TOTAL EQUITY | 118,409,185 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 1,302,310,518 |
| INCOME & EXPENSE | |
| Loan Income | 41,717,460 |
| Investment Income | 8,355,841 |
| Other Income | 10,563,196 |
| Total Employee Compensation & Benefits | 28,103,653 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 26,471,952 |
| Non-operating Income & (Expense) | 2,018,959 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 3,798,501 |
| Cost of Funds | 10,652,998 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 3,037,927 |
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