Dec, 31, 2023 — AAC CREDIT UNION is a federally insured state chartered credit union headquartered in GRAND RAPIDS, MI with 7 branch locations and about $184.17 million in total assets. Opened 87 years ago in 1937, AAC CREDIT UNION has about 14,941 members and employs 44 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | AAC CREDIT UNION |
|---|---|
| Address: (Main Office) | 177 Wilson Ave NW GRAND RAPIDS, MI 49534 |
| Phone: | (616) 288-0288 |
| Fax: | (616) 735-4919 |
| Website: | https://aaccreditunion.org |
| Branches: | 7 branch locations |
| Members: | 14,941 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 62217 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1937 |
| Last Audited: | Jun 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $184,172,237 |
| CEO/Manager: | Brian Turmell |
| Chairperson: | Thane Barden |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 8,177,693 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 70,049,153 |
| Unsecured Loans | 9,420,519 |
| Other Loans | 46,880,482 |
| TOTAL LOANS | 126,350,153 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,057,163 |
| Land And Building | 4,179,913 |
| Other Fixed Assets | 450,590 |
| NCUSIF Deposit | 1,396,469 |
| All Other Assets | 0 |
| TOTAL ASSETS | 184,172,237 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 381,794 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 1,818,944 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 18,668,836 |
| Regular shares | 42,392,645 |
| All Other Shares & Deposits | 77,802,309 |
| TOTAL SHARES & DEPOSITS | 138,863,790 |
| TOTAL LIABILITIES | 141,064,528 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 43,107,709 |
| TOTAL EQUITY | 43,107,709 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 184,172,237 |
| INCOME & EXPENSE | |
| Loan Income | 6,556,102 |
| Investment Income | 1,455,487 |
| Other Income | 1,360,657 |
| Total Employee Compensation & Benefits | 3,208,177 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 2,957,238 |
| Non-operating Income & (Expense) | 5,171 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 41,690 |
| Cost of Funds | 2,025,978 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 2,443,998 |
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