Dec, 31, 2023 — GOGEBIC COUNTY FEDERAL CREDIT UNION is a federal credit union headquartered in BESSEMER, MI with 1 branch location and about $35.52 million in total assets. Opened 72 years ago in 1952, GOGEBIC COUNTY FEDERAL CREDIT UNION has about 3,932 members and employs 6 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | GOGEBIC COUNTY FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 600 W Lead St BESSEMER, MI 49911 |
| Phone: | (906) 663-4011 |
| Fax: | (906) 663-4824 |
| Website: | https://www.gogebicfcu.com |
| Branches: | 1 branch locations |
| Members: | 3,932 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 7644 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1952 |
| Last Audited: | Jun 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $35,524,362 |
| CEO/Manager: | Jane M Baker |
| Chairperson: | JAY KANGAS |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 3,337,284 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 10,927 |
| Unsecured Loans | 3,473,256 |
| Other Loans | 10,312,514 |
| TOTAL LOANS | 13,796,697 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -52,412 |
| Land And Building | 82,503 |
| Other Fixed Assets | 49,572 |
| NCUSIF Deposit | 311,938 |
| All Other Assets | 0 |
| TOTAL ASSETS | 35,524,362 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 122 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 353,161 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 7,465,581 |
| Regular shares | 22,935,994 |
| All Other Shares & Deposits | 411,460 |
| TOTAL SHARES & DEPOSITS | 30,813,036 |
| TOTAL LIABILITIES | 31,166,319 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 4,358,043 |
| TOTAL EQUITY | 4,358,043 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 35,524,362 |
| INCOME & EXPENSE | |
| Loan Income | 902,582 |
| Investment Income | 543,115 |
| Other Income | 143,673 |
| Total Employee Compensation & Benefits | 366,624 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 610,920 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 121,747 |
| Cost of Funds | 52,295 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 671,099 |
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