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 |
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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 |
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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 |
ASSETS: | $ Amount |
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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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