Dec, 31, 2023 — GERBER FEDERAL CREDIT UNION is a federal credit union headquartered in FREMONT, MI with 3 branch locations and about $225.83 million in total assets. Opened 74 years ago in 1950, GERBER FEDERAL CREDIT UNION has about 15,837 members and employs 46 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | GERBER FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 508 State St FREMONT, MI 49412 |
| Phone: | (231) 924-4880 |
| Fax: | (231) 924-7181 |
| Website: | https://gerberfcu.com |
| Branches: | 3 branch locations |
| Members: | 15,837 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 6832 |
|---|---|
| Membership Type: | Community - Rural District |
| Corporate Credit Union: | No |
| Year Opened: | 1950 |
| Last Audited: | Mar 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $225,828,271 |
| CEO/Manager: | John P Buckley |
| Chairperson: | Andy Bradshaw |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 16,574,013 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 280,000 |
| Real Estate Loans | 45,596,950 |
| Unsecured Loans | 12,448,738 |
| Other Loans | 75,631,252 |
| TOTAL LOANS | 136,402,268 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -707,451 |
| Land And Building | 3,082,122 |
| Other Fixed Assets | 251,726 |
| NCUSIF Deposit | 2,007,203 |
| All Other Assets | 0 |
| TOTAL ASSETS | 225,828,271 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 1,774,208 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 43,756,611 |
| Regular shares | 50,062,687 |
| All Other Shares & Deposits | 113,709,250 |
| TOTAL SHARES & DEPOSITS | 207,528,548 |
| TOTAL LIABILITIES | 209,302,756 |
| Regular Reserve | 0 |
| Other Reserves | -3,630,216 |
| Undivided Earnings | 20,155,731 |
| TOTAL EQUITY | 16,525,515 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 225,828,271 |
| INCOME & EXPENSE | |
| Loan Income | 6,756,673 |
| Investment Income | 1,005,884 |
| Other Income | 998,025 |
| Total Employee Compensation & Benefits | 3,685,441 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 3,523,703 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 329,687 |
| Cost of Funds | 2,039,097 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,392,907 |
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