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LAKESHORE FEDERAL CREDIT UNION

Dec, 31, 2023 — LAKESHORE FEDERAL CREDIT UNION is a federal credit union headquartered in MUSKEGON, MI with 1 branch location and about $39.36 million in total assets. Opened 71 years ago in 1953, LAKESHORE FEDERAL CREDIT UNION has about 2,506 members and employs 7 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


Name:LAKESHORE FEDERAL CREDIT UNION
Address:
(Main Office)
2182 Lakeshore Dr
MUSKEGON, MI 49441-1414
Phone:(231) 755-1202
Fax:(231) 755-0539
Website:https://www.lakeshorefcu.com
Branches:1 branch locations
Members:2,506
Credit Union Type:Federal Credit Union
Charter Number:8709
Membership Type:Community credit unions, urban or rural, other than those designated 'low income'
Corporate Credit Union:No
Year Opened:1953
Last Audited:Sep 01, 2023
FHLB Member:No
Low Income Designation:No
Assets:$39,357,832
CEO/Manager:Jackie Knowlton
Chairperson:Faisel Abdelkader

Call Report

  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 2,242,365
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 6,867,807
 Unsecured Loans 1,004,433
 Other Loans 5,743,795
 TOTAL LOANS 13,616,035
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -21,549
 Land And Building 1,087,924
 Other Fixed Assets 79,402
 NCUSIF Deposit 330,629
 All Other Assets 0
  TOTAL ASSETS 39,357,832
LIABILITIES & CAPITAL:  
 Dividends Payable 44,859
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 231,793
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 5,181,703
 Regular shares 13,270,901
 All Other Shares & Deposits 16,206,364
  TOTAL SHARES & DEPOSITS 34,658,968
  TOTAL LIABILITIES 34,935,620
 Regular Reserve 0
 Other Reserves -430,137
 Undivided Earnings 4,852,349
  TOTAL EQUITY 4,422,212
  TOTAL LIABILITIES, SHARES, & EQUITY 39,357,832
INCOME & EXPENSE  
 Loan Income 538,947
 Investment Income 590,064
 Other Income 271,420
 Total Employee Compensation & Benefits 429,788
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 575,508
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 46,867
 Cost of Funds 295,428
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 111,223
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