Dec, 31, 2023 — FOREST AREA FEDERAL CREDIT UNION is a federal credit union headquartered in FIFE LAKE, MI with 6 branch locations and about $244.07 million in total assets. Opened 41 years ago in 1983, FOREST AREA FEDERAL CREDIT UNION has about 18,964 members and employs 60 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | FOREST AREA FEDERAL CREDIT UNION |
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Address: (Main Office) | 6954 US Highway 131 FIFE LAKE, MI 49633-9765 |
Phone: | (231) 879-4154 |
Fax: | |
Website: | https://www.forestarea.com |
Branches: | 6 branch locations |
Members: | 18,964 |
Credit Union Type: | Federal Credit Union |
Charter Number: | 24047 |
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Membership Type: | Community - Rural District |
Corporate Credit Union: | No |
Year Opened: | 1983 |
Last Audited: | Aug 01, 2023 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $244,072,467 |
CEO/Manager: | Alex J Lutke |
Chairperson: | Lee Sandy |
ASSETS: | $ Amount |
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Cash & Equivalents | 9,949,334 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 77,989,850 |
Unsecured Loans | 17,296,709 |
Other Loans | 82,654,783 |
TOTAL LOANS | 178,770,895 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,591,641 |
Land And Building | 10,416,208 |
Other Fixed Assets | 501,015 |
NCUSIF Deposit | 2,003,638 |
All Other Assets | 0 |
TOTAL ASSETS | 244,072,467 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 52,507 |
Notes & Interest Payable | 0 |
Accounts Payable & Other Liabilities | 1,855,728 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 54,123,895 |
Regular shares | 97,754,003 |
All Other Shares & Deposits | 63,817,592 |
TOTAL SHARES & DEPOSITS | 215,695,490 |
TOTAL LIABILITIES | 217,603,725 |
Regular Reserve | 0 |
Other Reserves | -2,791,207 |
Undivided Earnings | 29,259,949 |
TOTAL EQUITY | 26,468,742 |
TOTAL LIABILITIES, SHARES, & EQUITY | 244,072,467 |
INCOME & EXPENSE | |
Loan Income | 10,916,313 |
Investment Income | 1,238,816 |
Other Income | 1,133,543 |
Total Employee Compensation & Benefits | 4,029,689 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 4,393,900 |
Non-operating Income & (Expense) | -1,153 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 1,704,850 |
Cost of Funds | 1,861,140 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 4,222,505 |
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