Dec, 31, 2023 — FREESTAR FINANCIAL CREDIT UNION is a federally insured state chartered credit union headquartered in CLINTON TOWNSHIP, MI with 7 branch locations and about $321.22 million in total assets. Opened 67 years ago in 1957, FREESTAR FINANCIAL CREDIT UNION has about 21,676 members and employs 77 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | FREESTAR FINANCIAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 37570 S Gratiot Ave CLINTON TOWNSHIP, MI 48036 |
| Phone: | (586) 466-7800 |
| Fax: | (586) 468-6881 |
| Website: | https://www.freestarfinancial.com |
| Branches: | 7 branch locations |
| Members: | 21,676 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 60406 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1957 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $321,216,421 |
| CEO/Manager: | Drema D Isaac |
| Chairperson: | Raymond W White Jr. |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 15,113,256 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 95,528,381 |
| Unsecured Loans | 23,383,251 |
| Other Loans | 92,880,531 |
| TOTAL LOANS | 211,838,333 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,355,726 |
| Land And Building | 11,268,795 |
| Other Fixed Assets | 1,258,147 |
| NCUSIF Deposit | 2,659,641 |
| All Other Assets | 0 |
| TOTAL ASSETS | 321,216,421 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 5,000,000 |
| Accounts Payable & Other Liabilities | 6,617,344 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 49,181,307 |
| Regular shares | 87,851,597 |
| All Other Shares & Deposits | 147,694,068 |
| TOTAL SHARES & DEPOSITS | 284,726,972 |
| TOTAL LIABILITIES | 296,344,316 |
| Regular Reserve | 0 |
| Other Reserves | 2,490,013 |
| Undivided Earnings | 22,382,092 |
| TOTAL EQUITY | 24,872,105 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 321,216,421 |
| INCOME & EXPENSE | |
| Loan Income | 10,485,419 |
| Investment Income | 2,157,966 |
| Other Income | 3,046,087 |
| Total Employee Compensation & Benefits | 6,133,793 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 5,600,363 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 971,144 |
| Cost of Funds | 3,416,413 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,072,918 |
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