Dec, 31, 2023 — STRAITS AREA FEDERAL CREDIT UNION is a federal credit union headquartered in CHEBOYGAN, MI with 3 branch locations and about $114.11 million in total assets. Opened 73 years ago in 1951, STRAITS AREA FEDERAL CREDIT UNION has about 12,370 members and employs 30 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 |
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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: | 12,370 |
Credit Union Type: | Federal Credit Union |
Charter Number: | 7428 |
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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, 2022 |
FHLB Member: | No |
Low Income Designation: | No |
Assets: | $114,105,224 |
CEO/Manager: | Cindy Harrison |
Chairperson: | Harold Borowicz |
ASSETS: | $ Amount |
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Cash & Equivalents | 8,128,638 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 7,449,402 |
Unsecured Loans | 7,741,975 |
Other Loans | 34,411,683 |
TOTAL LOANS | 49,603,060 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -377,906 |
Land And Building | 3,146,392 |
Other Fixed Assets | 160,075 |
NCUSIF Deposit | 1,035,453 |
All Other Assets | 33,609 |
TOTAL ASSETS | 114,105,224 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 146,001 |
Notes & Interest Payable | 0 |
Accounts Payable & Other Liabilities | 1,107,008 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 23,249,891 |
Regular shares | 63,500,785 |
All Other Shares & Deposits | 16,238,811 |
TOTAL SHARES & DEPOSITS | 102,989,487 |
TOTAL LIABILITIES | 104,242,496 |
Regular Reserve | 0 |
Other Reserves | -2,162,150 |
Undivided Earnings | 12,024,878 |
TOTAL EQUITY | 9,862,728 |
TOTAL LIABILITIES, SHARES, & EQUITY | 114,105,224 |
INCOME & EXPENSE | |
Loan Income | 3,301,318 |
Investment Income | 915,935 |
Other Income | 1,200,047 |
Total Employee Compensation & Benefits | 2,371,349 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 2,095,405 |
Non-operating Income & (Expense) | 0 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 343,131 |
Cost of Funds | 335,341 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 735,571 |
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