Dec, 31, 2023 — CORNERSTONE COMMUNITY FINANCIAL CREDIT UNION is a federally insured state chartered credit union headquartered in AUBURN HILLS, MI with 9 branch locations and about $407.08 million in total assets. Opened 73 years ago in 1951, CORNERSTONE COMMUNITY FINANCIAL CREDIT UNION has about 24,038 members and employs 94 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | CORNERSTONE COMMUNITY FINANCIAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 2955 University Dr AUBURN HILLS, MI 48326 |
| Phone: | (248) 340-9310 |
| Fax: | (248) 340-0890 |
| Website: | https://www.ccfinancial.com |
| Branches: | 9 branch locations |
| Members: | 24,038 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 68641 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1951 |
| Last Audited: | Dec 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $407,075,069 |
| CEO/Manager: | Heidi Kassab |
| Chairperson: | Leo Moses |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 28,198,526 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 132,931,743 |
| Unsecured Loans | 26,952,301 |
| Other Loans | 184,198,904 |
| TOTAL LOANS | 344,082,949 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -3,330,000 |
| Land And Building | 13,461,466 |
| Other Fixed Assets | 1,704,380 |
| NCUSIF Deposit | 2,980,401 |
| All Other Assets | 632,627 |
| TOTAL ASSETS | 407,075,069 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 453,227 |
| Notes & Interest Payable | 42,000,000 |
| Accounts Payable & Other Liabilities | 2,928,910 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 64,272,824 |
| Regular shares | 71,734,841 |
| All Other Shares & Deposits | 177,837,497 |
| TOTAL SHARES & DEPOSITS | 313,845,160 |
| TOTAL LIABILITIES | 359,227,297 |
| Regular Reserve | 0 |
| Other Reserves | 4,997,618 |
| Undivided Earnings | 42,850,154 |
| TOTAL EQUITY | 47,847,772 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 407,075,069 |
| INCOME & EXPENSE | |
| Loan Income | 18,215,504 |
| Investment Income | 1,476,705 |
| Other Income | 2,511,684 |
| Total Employee Compensation & Benefits | 8,560,358 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 7,537,741 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 1,353,000 |
| Cost of Funds | 5,160,695 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 2,252,989 |
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