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.
Name: | WOLVERINE STATE CREDIT UNION |
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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 |
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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 |
ASSETS: | $ Amount |
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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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