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JOLT CREDIT UNION

Dec, 31, 2023 — JOLT CREDIT UNION is a federally insured state chartered credit union headquartered in SAGINAW, MI with 5 branch locations and about $452.08 million in total assets. Opened 68 years ago in 1956, JOLT CREDIT UNION has about 27,856 members and employs 119 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


ABA Routing Number: 272484441
Name:JOLT CREDIT UNION
Address:
(Main Office)
6180 State St
SAGINAW, MI 48603
Phone:(989) 799-8744
Fax:(989) 791-5117
Website:https://www.joltcu.com
Branches:5 branch locations
Members:27,856
Credit Union Type:Federally Insured State Chartered Credit Union
Charter Number:68703
Membership Type:State chartered natural person
Corporate Credit Union:No
Year Opened:1956
Last Audited:Dec 01, 2022
FHLB Member:Yes
Low Income Designation:No
Assets:$452,075,042
CEO/Manager:Alan P Watson
Chairperson:Robert J Looby

Call Report

  • First Time Homebuyer Program
  • International Remittances
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 24,653,619
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 131,527,667
 Unsecured Loans 29,398,846
 Other Loans 104,858,838
 TOTAL LOANS 265,994,583
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -1,756,760
 Land And Building 17,910,055
 Other Fixed Assets 3,617,410
 NCUSIF Deposit 3,789,209
 All Other Assets 123,178
  TOTAL ASSETS 452,075,042
LIABILITIES & CAPITAL:  
 Dividends Payable 422,470
 Notes & Interest Payable 18,000,000
 Accounts Payable & Other Liabilities 4,531,821
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 64,732,886
 Regular shares 150,992,677
 All Other Shares & Deposits 176,233,535
  TOTAL SHARES & DEPOSITS 391,959,098
  TOTAL LIABILITIES 414,913,389
 Regular Reserve 0
 Other Reserves -892,806
 Undivided Earnings 38,054,459
  TOTAL EQUITY 37,161,653
  TOTAL LIABILITIES, SHARES, & EQUITY 452,075,042
INCOME & EXPENSE  
 Loan Income 12,678,946
 Investment Income 2,369,971
 Other Income 1,900,322
 Total Employee Compensation & Benefits 7,786,205
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 9,380,228
 Non-operating Income & (Expense) 50
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 1,037,532
 Cost of Funds 3,521,537
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) -2,464,531
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