FIRST GENERAL CREDIT UNION is no longer an active credit union according to the NCUA. If available, you can view their website at https://www.1stgeneral.com for more information.
Dec, 31, 2023 — FIRST GENERAL CREDIT UNION is a federally insured state chartered credit union headquartered in NORTON SHORES, MI with 2 branch locations and about $61.29 million in total assets. Opened 71 years ago in 1953, FIRST GENERAL CREDIT UNION has about 5,527 members and employs 17 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 GENERAL CREDIT UNION |
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Address: (Main Office) | 589 E ELLIS RD NORTON SHORES, MI 49441-5671 |
Phone: | (231) 798-4321 |
Fax: | (231) 798-4321 |
Website: | https://www.1stgeneral.com |
Branches: | 2 branch locations |
Members: | 5,527 |
Credit Union Type: | Federally Insured State Chartered Credit Union |
Charter Number: | 61455 |
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Membership Type: | State chartered natural person |
Corporate Credit Union: | No |
Year Opened: | 1953 |
Last Audited: | Sep 01, 2020 |
FHLB Member: | No |
Low Income Designation: | No |
Assets: | $61,291,235 |
CEO/Manager: | Teresa Mayer |
Chairperson: | Chartotte Pearson |
ASSETS: | $ Amount |
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Cash & Equivalents | 16,994,971 |
TOTAL INVESTMENTS | 7,576,808 |
Loans Held for Sale | 191,200 |
Real Estate Loans | 13,255,331 |
Unsecured Loans | 1,919,976 |
Other Loans | 16,579,106 |
TOTAL LOANS | 31,754,413 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -106,152 |
Land And Building | 2,176,228 |
Other Fixed Assets | 43,685 |
NCUSIF Deposit | 504,606 |
All Other Assets | 2,155,476 |
TOTAL ASSETS | 61,291,235 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 8,405 |
Notes & Interest Payable | 0 |
Accounts Payable & Other Liabilities | 766,789 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 6,573,246 |
Regular shares | 20,418,104 |
All Other Shares & Deposits | 25,108,139 |
TOTAL SHARES & DEPOSITS | 52,099,489 |
TOTAL LIABILITIES | 52,874,683 |
Regular Reserve | 1,072,574 |
Other Reserves | 20,963 |
Undivided Earnings | 7,323,015 |
TOTAL EQUITY | 8,416,552 |
TOTAL LIABILITIES, SHARES, & EQUITY | 61,291,235 |
INCOME & EXPENSE | |
Loan Income | 410,484 |
Investment Income | 60,988 |
Other Income | 71,438 |
Total Employee Compensation & Benefits | 185,350 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 493,845 |
Non-operating Income & (Expense) | 0 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | -22,511 |
Cost of Funds | 44,215 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | -39,825 |
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