Dec, 31, 2023 — BARAGA COUNTY FEDERAL CREDIT UNION is a federal credit union headquartered in LANSE, MI with 1 branch location and about $54.21 million in total assets. Opened 72 years ago in 1952, BARAGA COUNTY FEDERAL CREDIT UNION has about 4,504 members and employs 12 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | BARAGA COUNTY FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 101 E Broad St LANSE, MI 49946-1013 |
| Phone: | (906) 524-6151 |
| Fax: | (906) 524-5515 |
| Website: | https://baragafcu.com |
| Branches: | 1 branch locations |
| Members: | 4,504 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 7672 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1952 |
| Last Audited: | Mar 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $54,213,468 |
| CEO/Manager: | DAWN E JAHFETSON |
| Chairperson: | CATHRYN BEER |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 2,013,862 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 3,036,406 |
| Unsecured Loans | 1,697,080 |
| Other Loans | 13,582,905 |
| TOTAL LOANS | 18,316,391 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -87,497 |
| Land And Building | 719,469 |
| Other Fixed Assets | 3,904 |
| NCUSIF Deposit | 523,791 |
| All Other Assets | 0 |
| TOTAL ASSETS | 54,213,468 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 49,739 |
| Notes & Interest Payable | 800,000 |
| Accounts Payable & Other Liabilities | 231,826 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 10,789,360 |
| Regular shares | 19,625,841 |
| All Other Shares & Deposits | 21,063,194 |
| TOTAL SHARES & DEPOSITS | 51,478,395 |
| TOTAL LIABILITIES | 52,559,960 |
| Regular Reserve | 0 |
| Other Reserves | -3,531,152 |
| Undivided Earnings | 5,184,660 |
| TOTAL EQUITY | 1,653,508 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 54,213,468 |
| INCOME & EXPENSE | |
| Loan Income | 930,482 |
| Investment Income | 514,858 |
| Other Income | 198,503 |
| Total Employee Compensation & Benefits | 552,836 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 760,250 |
| Non-operating Income & (Expense) | -2,475 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | -34,000 |
| Cost of Funds | 196,857 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 442,049 |
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