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TRUNORTH FEDERAL CREDIT UNION

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
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
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

Call Report

  • International Remittances

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
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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