Dec, 31, 2023 — FIRST AREA CREDIT UNION is a federally insured state chartered credit union headquartered in SAGINAW, MI with 2 branch locations and about $41.37 million in total assets. Opened 63 years ago in 1961, FIRST AREA CREDIT UNION has about 3,306 members and employs 12 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | FIRST AREA CREDIT UNION |
|---|---|
| Address: (Main Office) | 193 Campbell Ln SAGINAW, MI 48609 |
| Phone: | (989) 781-1430 |
| Fax: | (989) 781-5202 |
| Website: | https://www.firstareacu.com |
| Branches: | 2 branch locations |
| Members: | 3,306 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 61756 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1961 |
| Last Audited: | Jun 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $41,370,225 |
| CEO/Manager: | Lynn Mccoy |
| Chairperson: | James Theisen JR |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 3,710,866 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 6,779,269 |
| Unsecured Loans | 365,445 |
| Other Loans | 10,600,876 |
| TOTAL LOANS | 17,745,591 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -68,778 |
| Land And Building | 779,318 |
| Other Fixed Assets | 185,620 |
| NCUSIF Deposit | 423,626 |
| All Other Assets | 0 |
| TOTAL ASSETS | 41,370,225 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 753,705 |
| Accounts Payable & Other Liabilities | 56,672 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 9,745,951 |
| Regular shares | 19,699,514 |
| All Other Shares & Deposits | 8,748,756 |
| TOTAL SHARES & DEPOSITS | 38,194,222 |
| TOTAL LIABILITIES | 39,004,599 |
| Regular Reserve | 0 |
| Other Reserves | -1,553,991 |
| Undivided Earnings | 3,919,617 |
| TOTAL EQUITY | 2,365,626 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 41,370,225 |
| INCOME & EXPENSE | |
| Loan Income | 816,932 |
| Investment Income | 423,758 |
| Other Income | 311,421 |
| Total Employee Compensation & Benefits | 507,158 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 835,191 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | -24,004 |
| Cost of Funds | 189,905 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 75,194 |
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