Dec, 31, 2023 — CONSTRUCTION FEDERAL CREDIT UNION is a federal credit union headquartered in BINGHAM FARMS, MI with 1 branch location and about $25.03 million in total assets. Opened 50 years ago in 1974, CONSTRUCTION FEDERAL CREDIT UNION has about 1,165 members and employs 4 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | CONSTRUCTION FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 30400 Telegraph Rd Ste 122 BINGHAM FARMS, MI 48025 |
| Phone: | (248) 358-4140 |
| Fax: | (248) 358-2452 |
| Website: | https://cfcuonline.com |
| Branches: | 1 branch locations |
| Members: | 1,165 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 21798 |
|---|---|
| Membership Type: | Multiple common bond - other |
| Corporate Credit Union: | No |
| Year Opened: | 1974 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $25,027,728 |
| CEO/Manager: | Jeffrey Carevic |
| Chairperson: | Bruce Pregler |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 672,975 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 16,572,605 |
| Unsecured Loans | 723,397 |
| Other Loans | 1,736,346 |
| TOTAL LOANS | 19,032,348 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -57,915 |
| Land And Building | 0 |
| Other Fixed Assets | 500 |
| NCUSIF Deposit | 222,504 |
| All Other Assets | 0 |
| TOTAL ASSETS | 25,027,728 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 3,087 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 63,802 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 12,777,072 |
| Regular shares | 6,159,997 |
| All Other Shares & Deposits | 2,558,851 |
| TOTAL SHARES & DEPOSITS | 21,495,921 |
| TOTAL LIABILITIES | 21,562,810 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 3,464,918 |
| TOTAL EQUITY | 3,464,918 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 25,027,728 |
| INCOME & EXPENSE | |
| Loan Income | 673,596 |
| Investment Income | 219,567 |
| Other Income | 28,247 |
| Total Employee Compensation & Benefits | 279,403 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 434,472 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 30,531 |
| Cost of Funds | 45,767 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 203,171 |
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