Dec, 31, 2023 — LAKE TRUST CREDIT UNION is a federally insured state chartered credit union headquartered in BRIGHTON, MI with 23 branch locations and about $2.60 billion in total assets. Opened 80 years ago in 1944, LAKE TRUST CREDIT UNION has about 179,751 members and employs 466 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 TRUST CREDIT UNION |
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Address: (Main Office) | 4605 S Old US Highway 23 BRIGHTON, MI 48114-7521 |
Phone: | (888) 267-7200 |
Fax: | |
Website: | https://www.laketrust.org |
Branches: | 23 branch locations |
Members: | 179,751 |
Credit Union Type: | Federally Insured State Chartered Credit Union |
Charter Number: | 62047 |
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Membership Type: | State chartered natural person |
Corporate Credit Union: | No |
Year Opened: | 1944 |
Last Audited: | Dec 01, 2022 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $2,596,794,892 |
CEO/Manager: | David A Snodgrass |
Chairperson: | Rick Laber |
ASSETS: | $ Amount |
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Cash & Equivalents | 164,899,574 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 1,058,032,793 |
Unsecured Loans | 127,541,258 |
Other Loans | 735,297,015 |
TOTAL LOANS | 1,921,143,229 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -21,740,221 |
Land And Building | 53,206,425 |
Other Fixed Assets | 10,679,139 |
NCUSIF Deposit | 20,118,393 |
All Other Assets | 42,105 |
TOTAL ASSETS | 2,596,794,892 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 789,125 |
Notes & Interest Payable | 60,000,000 |
Accounts Payable & Other Liabilities | 14,256,615 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 23,047,000 |
Share Drafts | 565,068,303 |
Regular shares | 786,365,757 |
All Other Shares & Deposits | 927,513,832 |
TOTAL SHARES & DEPOSITS | 2,278,947,892 |
TOTAL LIABILITIES | 2,377,179,028 |
Regular Reserve | 0 |
Other Reserves | 36,690,347 |
Undivided Earnings | 182,925,517 |
TOTAL EQUITY | 219,615,864 |
TOTAL LIABILITIES, SHARES, & EQUITY | 2,596,794,892 |
INCOME & EXPENSE | |
Loan Income | 83,337,889 |
Investment Income | 11,290,846 |
Other Income | 9,776,087 |
Total Employee Compensation & Benefits | 43,465,144 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 41,541,489 |
Non-operating Income & (Expense) | 69,710 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 6,616,581 |
Cost of Funds | 20,258,939 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 10,126,593 |
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