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WOLVERINE STATE CREDIT UNION

Dec, 31, 2023 — WOLVERINE STATE CREDIT UNION is a federally insured state chartered credit union headquartered in ALPENA, MI with 4 branch locations and about $140.36 million in total assets. Opened 58 years ago in 1966, WOLVERINE STATE CREDIT UNION has about 9,166 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.


ABA Routing Number: 272476446
Name:WOLVERINE STATE CREDIT UNION
Address:
(Main Office)
1381 N Bagley St
ALPENA, MI 49707-8101
Phone:(989) 356-1880
Fax:(989) 354-7826
Website:https://www.wolverinescu.com
Branches:4 branch locations
Members:9,166
Credit Union Type:Federally Insured State Chartered Credit Union
Charter Number:62203
Membership Type:State chartered natural person
Corporate Credit Union:No
Year Opened:1966
Last Audited:Dec 01, 2022
FHLB Member:Yes
Low Income Designation:No
Assets:$140,364,098
CEO/Manager:Nicholas L Montie
Chairperson:Donald Bartosh

Call Report

  • First Time Homebuyer Program
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 11,703,358
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 44,856,923
 Unsecured Loans 7,749,427
 Other Loans 33,574,771
 TOTAL LOANS 86,181,121
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -661,971
 Land And Building 1,113,115
 Other Fixed Assets 139,287
 NCUSIF Deposit 1,260,983
 All Other Assets 794
  TOTAL ASSETS 140,364,098
LIABILITIES & CAPITAL:  
 Dividends Payable 1,287
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 667,294
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 19,303,565
 Regular shares 62,187,972
 All Other Shares & Deposits 45,463,542
  TOTAL SHARES & DEPOSITS 126,955,080
  TOTAL LIABILITIES 127,623,661
 Regular Reserve 0
 Other Reserves 787,966
 Undivided Earnings 11,952,471
  TOTAL EQUITY 12,740,437
  TOTAL LIABILITIES, SHARES, & EQUITY 140,364,098
INCOME & EXPENSE  
 Loan Income 4,240,789
 Investment Income 1,578,718
 Other Income 712,040
 Total Employee Compensation & Benefits 2,675,617
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 2,429,166
 Non-operating Income & (Expense) -29,249
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 409,043
 Cost of Funds 673,852
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 1,042,485
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