Dec, 31, 2023 — MIDWEST AMERICA FEDERAL CREDIT UNION is a federal credit union headquartered in FORT WAYNE, IN with 15 branch locations and about $821.27 million in total assets. Opened 88 years ago in 1936, MIDWEST AMERICA FEDERAL CREDIT UNION has about 50,349 members and employs 185 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | MIDWEST AMERICA FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 1104 Medical Park Dr FORT WAYNE, IN 46825-5826 |
| Phone: | (260) 482-3334 |
| Fax: | |
| Website: | https://www.mwafcu.org |
| Branches: | 15 branch locations |
| Members: | 50,349 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 1427 |
|---|---|
| Membership Type: | Multiple common bond - Primarily other manufacturing |
| Corporate Credit Union: | No |
| Year Opened: | 1936 |
| Last Audited: | Sep 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $821,273,679 |
| CEO/Manager: | David L Shadburne |
| Chairperson: | Maureen G Fulk |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 49,562,742 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 244,680,264 |
| Unsecured Loans | 5,739,376 |
| Other Loans | 337,979,317 |
| TOTAL LOANS | 588,731,559 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -5,275,000 |
| Land And Building | 18,399,925 |
| Other Fixed Assets | 2,269,723 |
| NCUSIF Deposit | 6,461,719 |
| All Other Assets | 128,202 |
| TOTAL ASSETS | 821,273,679 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 44 |
| Notes & Interest Payable | 5,000,000 |
| Accounts Payable & Other Liabilities | 9,078,148 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 151,763,000 |
| Regular shares | 210,400,804 |
| All Other Shares & Deposits | 329,396,773 |
| TOTAL SHARES & DEPOSITS | 691,560,577 |
| TOTAL LIABILITIES | 705,638,769 |
| Regular Reserve | 0 |
| Other Reserves | -5,256,435 |
| Undivided Earnings | 120,891,345 |
| TOTAL EQUITY | 115,634,910 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 821,273,679 |
| INCOME & EXPENSE | |
| Loan Income | 27,848,316 |
| Investment Income | 4,025,452 |
| Other Income | 5,418,780 |
| Total Employee Compensation & Benefits | 13,696,818 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 12,064,079 |
| Non-operating Income & (Expense) | 1,182,010 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 1,338,808 |
| Cost of Funds | 8,216,850 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 6,442,120 |
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