Sep, 30, 2025 — STRAITS AREA FEDERAL CREDIT UNION is a federal credit union headquartered in CHEBOYGAN, MI with 3 branch locations and about $126.38 million in total assets. Opened 75 years ago in 1951, STRAITS AREA FEDERAL CREDIT UNION has about 12,067 members and employs 32 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | STRAITS AREA FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 201 Locust St CHEBOYGAN, MI 49721 |
| Phone: | (231) 627-3145 |
| Fax: | (231) 627-2046 |
| Website: | https://www.mi-safcu.org |
| Branches: | 3 branch locations |
| Members: | 12,067 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 7428 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1951 |
| Last Audited: | Dec 01, 2024 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $126,375,085 |
| CEO/Manager: | Cindy Harrison |
| Chairperson: | Harold Borowicz |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 8,495,546 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 8,734,572 |
| Unsecured Loans | 7,454,141 |
| Other Loans | 36,936,292 |
| TOTAL LOANS | 53,125,005 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -398,594 |
| Land And Building | 3,051,828 |
| Other Fixed Assets | 78,415 |
| NCUSIF (National Credit Union Share Insurance Fund) Deposit | 1,077,341 |
| All Other Assets | 60,285 |
| TOTAL ASSETS | 126,375,085 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 115,985 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 1,433,677 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 23,258,028 |
| Regular shares | 61,200,555 |
| All Other Shares & Deposits | 26,149,799 |
| TOTAL SHARES & DEPOSITS | 110,608,383 |
| TOTAL LIABILITIES | 112,158,045 |
| Regular Reserve | 0 |
| Other Reserves | -35,984 |
| Undivided Earnings | 14,253,024 |
| TOTAL EQUITY | 14,217,040 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 126,375,085 |
| INCOME & EXPENSE | |
| Loan Income | 2,878,579 |
| Investment Income | 1,564,477 |
| Other Income | 852,811 |
| Total Employee Compensation & Benefits | 2,089,381 |
| NCUSIF (National Credit Union Share Insurance Fund) Premiums Expense | 0 |
| Total Other Operating Expenses | 1,774,094 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 220,164 |
| Cost of Funds | 706,694 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,109,323 |
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