Dec, 31, 2023 — MICHIGAN TECH EMPLOYEES FEDERAL CREDIT UNION is a federal credit union headquartered in HOUGHTON, MI with 1 branch location and about $124.74 million in total assets. Opened 72 years ago in 1952, MICHIGAN TECH EMPLOYEES FEDERAL CREDIT UNION has about 10,335 members and employs 26 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: | 10,335 |
| 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, 2022 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $124,743,574 |
| CEO/Manager: | Paula Megowen |
| Chairperson: | Karl Benda |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 1,923,748 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 35,489,031 |
| Unsecured Loans | 3,592,814 |
| Other Loans | 46,742,260 |
| TOTAL LOANS | 85,824,106 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -318,470 |
| Land And Building | 759,191 |
| Other Fixed Assets | 201,937 |
| NCUSIF Deposit | 1,093,124 |
| All Other Assets | 22,445 |
| TOTAL ASSETS | 124,743,574 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 84,358 |
| Notes & Interest Payable | 500,000 |
| Accounts Payable & Other Liabilities | 1,592,877 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 26,628,935 |
| Regular shares | 66,024,919 |
| All Other Shares & Deposits | 19,593,774 |
| TOTAL SHARES & DEPOSITS | 112,247,628 |
| TOTAL LIABILITIES | 114,424,863 |
| Regular Reserve | 0 |
| Other Reserves | -1,432,812 |
| Undivided Earnings | 11,751,523 |
| TOTAL EQUITY | 10,318,711 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 124,743,574 |
| INCOME & EXPENSE | |
| Loan Income | 4,068,341 |
| Investment Income | 435,791 |
| Other Income | 499,495 |
| Total Employee Compensation & Benefits | 1,824,276 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 2,099,073 |
| Non-operating Income & (Expense) | 1,000 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 115,000 |
| Cost of Funds | 715,286 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,174,817 |
| ↑ Back to Top | |