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FOREST AREA FEDERAL CREDIT UNION

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.


ABA Routing Number: 272486627
Name:FOREST AREA FEDERAL CREDIT UNION
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
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

Call Report

  • Payday Alternative Loans (PAL Loans)
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
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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