Dec, 31, 2023 — TRUNORTH FEDERAL CREDIT UNION is a federal credit union headquartered in ISHPEMING, MI with 4 branch locations and about $214.98 million in total assets. Opened 75 years ago in 1949, TRUNORTH FEDERAL CREDIT UNION has about 16,348 members and employs 45 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | TRUNORTH FEDERAL CREDIT UNION |
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Address: (Main Office) | 1419 N 2nd St ISHPEMING, MI 49849-1149 |
Phone: | (906) 485-1210 |
Fax: | (906) 485-4077 |
Website: | https://www.trunorthcu.org |
Branches: | 4 branch locations |
Members: | 16,348 |
Credit Union Type: | Federal Credit Union |
Charter Number: | 6332 |
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Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
Corporate Credit Union: | No |
Year Opened: | 1949 |
Last Audited: | Mar 01, 2023 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $214,981,685 |
CEO/Manager: | Stephen M Smith |
Chairperson: | John H Wallace |
ASSETS: | $ Amount |
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Cash & Equivalents | 3,621,671 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 68,611,857 |
Unsecured Loans | 5,553,342 |
Other Loans | 51,527,071 |
TOTAL LOANS | 125,692,270 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -232,596 |
Land And Building | 4,059,598 |
Other Fixed Assets | 258,858 |
NCUSIF Deposit | 1,731,587 |
All Other Assets | 12,327 |
TOTAL ASSETS | 214,981,685 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 0 |
Notes & Interest Payable | 24,301,644 |
Accounts Payable & Other Liabilities | 1,861,745 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 30,002,556 |
Regular shares | 86,674,489 |
All Other Shares & Deposits | 60,326,870 |
TOTAL SHARES & DEPOSITS | 177,003,915 |
TOTAL LIABILITIES | 203,167,304 |
Regular Reserve | 0 |
Other Reserves | -4,380,941 |
Undivided Earnings | 16,195,322 |
TOTAL EQUITY | 11,814,381 |
TOTAL LIABILITIES, SHARES, & EQUITY | 214,981,685 |
INCOME & EXPENSE | |
Loan Income | 4,702,240 |
Investment Income | 1,197,694 |
Other Income | 520,463 |
Total Employee Compensation & Benefits | 2,897,831 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 2,841,665 |
Non-operating Income & (Expense) | 1,196,950 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 120,157 |
Cost of Funds | 1,515,868 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 128,771 |
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