Credit Unions Near Me
National Credit Union Service Organization

STRAITS AREA FEDERAL CREDIT UNION

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
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
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

Call Report

  • Payday Alternative Loans (PAL Loans)
  • First Time Homebuyer Program
  • International Remittances
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
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
↑ Back to Top

Other Credit Unions

DETOUR DRUMMOND COMMUNITY CREDIT UNION
34857 S Townline Rd
DRUMMOND ISLAND, MI 49726-9486
ALPENA COMMUNITY CREDIT UNION
710 W Miller St
ALPENA, MI 49707-1875
CHIPPEWA COUNTY CREDIT UNION
402 W Spruce St
SAULT SAINTE MARIE, MI 49783
FEDERAL EMPLOYEES OF CHIPPEWA CNTY CREDIT UNION
119 E Water St
SAULT SAINTE MARIE, MI 49783-2074
NORTHWEST CONSUMERS FEDERAL CREDIT UNION
2948 Garfield Rd N
TRAVERSE CITY, MI 49686-5008
TRAVERSE CATHOLIC FEDERAL CREDIT UNION
3797 Veterans Dr
TRAVERSE CITY, MI 49684-4516
AWAKON FEDERAL CREDIT UNION
20855 Washington Ave
ONAWAY, MI 49765
ST. FRANCIS X FEDERAL CREDIT UNION
2140 M 119
PETOSKEY, MI 49770
CALCITE CREDIT UNION
478 N. Third St.
ROGERS CITY, MI 49779
WOLVERINE STATE CREDIT UNION
1381 N Bagley St
ALPENA, MI 49707-8101