Sep, 30, 2025 — MICHIGAN TECH EMPLOYEES FEDERAL CREDIT UNION is a federal credit union headquartered in HOUGHTON, MI with 1 branch location and about $131.46 million in total assets. Opened 74 years ago in 1952, MICHIGAN TECH EMPLOYEES FEDERAL CREDIT UNION has about 10,433 members and employs 29 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | MICHIGAN TECH EMPLOYEES FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 700 E Sharon Ave HOUGHTON, MI 49931-1618 |
| Phone: | (906) 482-5005 |
| Fax: | (906) 482-2451 |
| Website: | https://www.breakwaterfcu.org |
| Branches: | 1 branch locations |
| Members: | 10,433 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 8212 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1952 |
| Last Audited: | Dec 01, 2024 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $131,463,035 |
| CEO/Manager: | Paula Megowen |
| Chairperson: | Karl Benda |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 6,609,014 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 202,518 |
| Real Estate Loans | 41,269,642 |
| Unsecured Loans | 3,165,073 |
| Other Loans | 39,308,848 |
| TOTAL LOANS | 83,743,563 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -327,250 |
| Land And Building | 689,276 |
| Other Fixed Assets | 209,963 |
| NCUSIF (National Credit Union Share Insurance Fund) Deposit | 1,104,205 |
| All Other Assets | 0 |
| TOTAL ASSETS | 131,463,035 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 67,169 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 1,171,971 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 29,308,383 |
| Regular shares | 70,019,654 |
| All Other Shares & Deposits | 15,248,731 |
| TOTAL SHARES & DEPOSITS | 114,576,768 |
| TOTAL LIABILITIES | 115,815,908 |
| Regular Reserve | 0 |
| Other Reserves | 769,826 |
| Undivided Earnings | 14,877,301 |
| TOTAL EQUITY | 15,647,127 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 131,463,035 |
| INCOME & EXPENSE | |
| Loan Income | 3,686,162 |
| Investment Income | 641,265 |
| Other Income | 410,936 |
| Total Employee Compensation & Benefits | 1,643,329 |
| NCUSIF (National Credit Union Share Insurance Fund) Premiums Expense | 0 |
| Total Other Operating Expenses | 1,738,018 |
| Non-operating Income & (Expense) | 3,327 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 28,700 |
| Cost of Funds | 451,771 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,645,127 |
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