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 |
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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 |
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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 |
ASSETS: | $ Amount |
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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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