Dec, 31, 2023 — LAKE HURON CREDIT UNION is a federally insured state chartered credit union headquartered in SAGINAW, MI with 2 branch locations and about $76.94 million in total assets. Opened 65 years ago in 1959, LAKE HURON CREDIT UNION has about 6,690 members and employs 27 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | LAKE HURON CREDIT UNION |
|---|---|
| Address: (Main Office) | 1540 Tittabawassee Rd SAGINAW, MI 48604-9445 |
| Phone: | (989) 752-5214 |
| Fax: | (989) 752-0203 |
| Website: | https://lhcu.org |
| Branches: | 2 branch locations |
| Members: | 6,690 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 61638 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1959 |
| Last Audited: | Sep 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $76,936,859 |
| CEO/Manager: | Beverly J Lee |
| Chairperson: | Steve Willett |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 5,171,543 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 27,018,359 |
| Unsecured Loans | 3,926,676 |
| Other Loans | 25,700,195 |
| TOTAL LOANS | 56,645,230 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -231,685 |
| Land And Building | 2,988,197 |
| Other Fixed Assets | 308,745 |
| NCUSIF Deposit | 586,692 |
| All Other Assets | 0 |
| TOTAL ASSETS | 76,936,859 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 18,808 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 2,016,638 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 9,116,453 |
| Regular shares | 19,564,187 |
| All Other Shares & Deposits | 35,728,806 |
| TOTAL SHARES & DEPOSITS | 64,409,447 |
| TOTAL LIABILITIES | 66,444,893 |
| Regular Reserve | 0 |
| Other Reserves | -492,259 |
| Undivided Earnings | 10,984,225 |
| TOTAL EQUITY | 10,491,966 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 76,936,859 |
| INCOME & EXPENSE | |
| Loan Income | 3,681,485 |
| Investment Income | 350,863 |
| Other Income | 838,444 |
| Total Employee Compensation & Benefits | 2,084,423 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 2,552,471 |
| Non-operating Income & (Expense) | 1,000,000 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | -22,938 |
| Cost of Funds | 753,854 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 801,645 |
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