Dec, 31, 2023 — ZEAL CREDIT UNION is a federally insured state chartered credit union headquartered in LIVONIA, MI with 13 branch locations and about $811.91 million in total assets. Opened 70 years ago in 1954, ZEAL CREDIT UNION has about 66,884 members and employs 138 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | ZEAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 17250 Newburgh Rd LIVONIA, MI 48152-2618 |
| Phone: | (734) 522-3700 |
| Fax: | (734) 466-6151 |
| Website: | https://www.zealcu.org |
| Branches: | 13 branch locations |
| Members: | 66,884 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 62426 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1954 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $811,911,495 |
| CEO/Manager: | Julie Kreinbring |
| Chairperson: | Michael A O'Hehir |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 20,484,215 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 352,983,068 |
| Unsecured Loans | 99,864,391 |
| Other Loans | 170,621,898 |
| TOTAL LOANS | 623,512,498 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -7,107,307 |
| Land And Building | 17,306,656 |
| Other Fixed Assets | 1,076,926 |
| NCUSIF Deposit | 6,888,596 |
| All Other Assets | 541,454 |
| TOTAL ASSETS | 811,911,495 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 24,199 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 8,067,792 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 5,000,000 |
| Share Drafts | 147,921,440 |
| Regular shares | 334,196,795 |
| All Other Shares & Deposits | 183,890,372 |
| TOTAL SHARES & DEPOSITS | 666,008,607 |
| TOTAL LIABILITIES | 679,110,598 |
| Regular Reserve | 0 |
| Other Reserves | -4,676,999 |
| Undivided Earnings | 137,477,896 |
| TOTAL EQUITY | 132,800,897 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 811,911,495 |
| INCOME & EXPENSE | |
| Loan Income | 31,279,790 |
| Investment Income | 7,079,191 |
| Other Income | 8,253,297 |
| Total Employee Compensation & Benefits | 11,140,733 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 13,724,147 |
| Non-operating Income & (Expense) | 137,152 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 5,302,000 |
| Cost of Funds | 1,234,675 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 23,576,263 |
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