Dec, 31, 2023 — CHIROPRACTIC FEDERAL CREDIT UNION is a federal credit union headquartered in FARMINGTON, MI with 1 branch location and about $41.37 million in total assets. Opened 74 years ago in 1950, CHIROPRACTIC FEDERAL CREDIT UNION has about 2,793 members and employs 6 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | CHIROPRACTIC FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 23617 Liberty St FARMINGTON, MI 48335 |
| Phone: | (248) 478-4020 |
| Fax: | (248) 478-7632 |
| Website: | https://www.chirofcu.org |
| Branches: | 1 branch locations |
| Members: | 2,793 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 6871 |
|---|---|
| Membership Type: | Multiple common bond - other |
| Corporate Credit Union: | No |
| Year Opened: | 1950 |
| Last Audited: | Jun 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $41,365,569 |
| CEO/Manager: | Jeanette Nielsen |
| Chairperson: | Eric Novak |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 1,985,541 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 6,318,487 |
| Unsecured Loans | 2,429,775 |
| Other Loans | 11,779,834 |
| TOTAL LOANS | 20,528,106 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -254,977 |
| Land And Building | 55,582 |
| Other Fixed Assets | 10,345 |
| NCUSIF Deposit | 366,663 |
| All Other Assets | 0 |
| TOTAL ASSETS | 41,365,569 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 57,753 |
| Notes & Interest Payable | 1,560,617 |
| Accounts Payable & Other Liabilities | 290,941 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 13,516,241 |
| Regular shares | 8,792,418 |
| All Other Shares & Deposits | 13,013,608 |
| TOTAL SHARES & DEPOSITS | 35,322,267 |
| TOTAL LIABILITIES | 37,231,578 |
| Regular Reserve | 0 |
| Other Reserves | -1,391,285 |
| Undivided Earnings | 5,525,276 |
| TOTAL EQUITY | 4,133,991 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 41,365,569 |
| INCOME & EXPENSE | |
| Loan Income | 1,173,542 |
| Investment Income | 262,199 |
| Other Income | 104,258 |
| Total Employee Compensation & Benefits | 496,602 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 585,750 |
| Non-operating Income & (Expense) | 800 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 108,858 |
| Cost of Funds | 258,172 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 359,802 |
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