Dec, 31, 2022 — MAX CREDIT UNION is a federally insured state chartered credit union headquartered in MONTGOMERY, AL with 17 branch locations and about $1.98 billion in total assets. Opened 68 years ago in 1955, MAX CREDIT UNION has about 118,705 members and employs 321 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | MAX CREDIT UNION |
|---|---|
| Address: (Main Office) | 400 Eastdale Cir MONTGOMERY, AL 36117-2114 |
| Phone: | (334) 260-2600 |
| Fax: | (334) 277-5121 |
| Website: | https://www.mymax.com |
| Branches: | 17 branch locations |
| Members: | 118,705 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 68575 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1955 |
| Last Audited: | Dec 01, 2021 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $1,977,948,787 |
| CEO/Manager: | Martin E Head |
| Chairperson: | Barbara T Starr |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 138,409,992 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 222,930 |
| Real Estate Loans | 409,685,259 |
| Unsecured Loans | 51,493,096 |
| Other Loans | 521,031,243 |
| TOTAL LOANS | 991,384,823 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -10,206,978 |
| Land And Building | 31,401,141 |
| Other Fixed Assets | 3,047,926 |
| NCUSIF Deposit | 16,182,552 |
| All Other Assets | 795,211 |
| TOTAL ASSETS | 1,977,948,787 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 1,121,523 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 17,786,666 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 528,827,204 |
| Regular shares | 685,405,154 |
| All Other Shares & Deposits | 615,696,041 |
| TOTAL SHARES & DEPOSITS | 1,829,928,399 |
| TOTAL LIABILITIES | 1,848,836,588 |
| Regular Reserve | 0 |
| Other Reserves | -114,098,466 |
| Undivided Earnings | 243,210,665 |
| TOTAL EQUITY | 129,112,199 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 1,977,948,787 |
| INCOME & EXPENSE | |
| Loan Income | 31,425,146 |
| Investment Income | 8,966,760 |
| Other Income | 7,290,423 |
| Total Employee Compensation & Benefits | 20,912,248 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 21,555,007 |
| Non-operating Income & (Expense) | 5,624 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | -361,372 |
| Cost of Funds | 4,703,696 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 11,457,489 |
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