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LAKE SUPERIOR CREDIT UNION

Dec, 31, 2023 — LAKE SUPERIOR CREDIT UNION is a federally insured state chartered credit union headquartered in ONTONAGON, MI with 1 branch location and about $10.46 million in total assets. Opened 65 years ago in 1959, LAKE SUPERIOR CREDIT UNION has about 1,286 members and employs 4 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 SUPERIOR CREDIT UNION
Address:
(Main Office)
801 River St
ONTONAGON, MI 49953-1620
Phone:(906) 884-2069
Fax:(906) 884-2929
Website:https://www.lscu.virtualcu.net
Branches:1 branch locations
Members:1,286
Credit Union Type:Federally Insured State Chartered Credit Union
Charter Number:65085
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:$10,460,340
CEO/Manager:Renee C Niemi
Chairperson:Peggy Elmblad

Call Report

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Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 987,900
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 0
 Unsecured Loans 551,294
 Other Loans 3,971,771
 TOTAL LOANS 4,523,065
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -9,687
 Land And Building 8,000
 Other Fixed Assets 33,294
 NCUSIF Deposit 93,758
 All Other Assets 0
  TOTAL ASSETS 10,460,340
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 19,408
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 1,600,254
 Regular shares 7,607,683
 All Other Shares & Deposits 317,888
  TOTAL SHARES & DEPOSITS 9,525,824
  TOTAL LIABILITIES 9,545,232
 Regular Reserve 0
 Other Reserves 106,036
 Undivided Earnings 809,072
  TOTAL EQUITY 915,108
  TOTAL LIABILITIES, SHARES, & EQUITY 10,460,340
INCOME & EXPENSE  
 Loan Income 218,266
 Investment Income 248,161
 Other Income 61,190
 Total Employee Compensation & Benefits 118,972
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 178,182
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 9,687
 Cost of Funds 15,767
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 209,385
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