Dec, 31, 2023 — FRANKENMUTH CREDIT UNION is a federally insured state chartered credit union headquartered in FRANKENMUTH, MI with 29 branch locations and about $1.32 billion in total assets. Opened 60 years ago in 1964, FRANKENMUTH CREDIT UNION has about 69,649 members and employs 389 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | FRANKENMUTH CREDIT UNION |
|---|---|
| Address: (Main Office) | 580 N Main St FRANKENMUTH, MI 48734 |
| Phone: | (989) 497-1600 |
| Fax: | (989) 497-1661 |
| Website: | https://www.frankenmuthcu.org |
| Branches: | 29 branch locations |
| Members: | 69,649 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 61755 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1964 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $1,317,839,021 |
| CEO/Manager: | VICKIE J SCHMITZER |
| Chairperson: | Timothy Hildner |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 49,520,546 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 285,250 |
| Real Estate Loans | 515,775,459 |
| Unsecured Loans | 125,275,880 |
| Other Loans | 382,776,668 |
| TOTAL LOANS | 1,023,828,007 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -10,261,312 |
| Land And Building | 60,576,821 |
| Other Fixed Assets | 9,575,497 |
| NCUSIF Deposit | 8,959,848 |
| All Other Assets | 1,901,261 |
| TOTAL ASSETS | 1,317,839,021 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 1,352,947 |
| Notes & Interest Payable | 1,692,086 |
| Accounts Payable & Other Liabilities | 12,535,078 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 260,501,259 |
| Regular shares | 178,231,487 |
| All Other Shares & Deposits | 743,588,204 |
| TOTAL SHARES & DEPOSITS | 1,182,320,950 |
| TOTAL LIABILITIES | 1,197,901,061 |
| Regular Reserve | 0 |
| Other Reserves | 506,351 |
| Undivided Earnings | 119,431,609 |
| TOTAL EQUITY | 119,937,960 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 1,317,839,021 |
| INCOME & EXPENSE | |
| Loan Income | 54,721,770 |
| Investment Income | 3,681,564 |
| Other Income | 6,688,121 |
| Total Employee Compensation & Benefits | 33,101,856 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 24,787,935 |
| Non-operating Income & (Expense) | 143,694 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 4,657,410 |
| Cost of Funds | 16,724,778 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 7,801,302 |
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