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LOC FEDERAL CREDIT UNION

Dec, 31, 2023 — LOC FEDERAL CREDIT UNION is a federal credit union headquartered in FARMINGTON, MI with 3 branch locations and about $331.20 million in total assets. Opened 74 years ago in 1950, LOC FEDERAL CREDIT UNION has about 23,130 members and employs 61 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


ABA Routing Number: 272479812
Name:LOC FEDERAL CREDIT UNION
Address:
(Main Office)
22981 FARMINGTON RD
FARMINGTON, MI 48336
Phone:(248) 474-2200
Fax:(248) 473-9957
Website:https://loccreditunion.com
Branches:3 branch locations
Members:23,130
Credit Union Type:Federal Credit Union
Charter Number:6651
Membership Type:Community credit unions, urban or rural, other than those designated 'low income'
Corporate Credit Union:No
Year Opened:1950
Last Audited:Sep 01, 2021
FHLB Member:No
Low Income Designation:No
Assets:$331,196,320
CEO/Manager:Stephen Grech
Chairperson:Mike Lasley

Call Report

  • First Time Homebuyer Program
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 33,209,390
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 62,153,108
 Unsecured Loans 6,978,887
 Other Loans 77,963,162
 TOTAL LOANS 166,704,561
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -576,595
 Land And Building 4,250,731
 Other Fixed Assets 814,278
 NCUSIF Deposit 2,786,204
 All Other Assets 0
  TOTAL ASSETS 331,196,320
LIABILITIES & CAPITAL:  
 Dividends Payable 333
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 4,214,889
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 69,028,609
 Regular shares 145,497,534
 All Other Shares & Deposits 95,035,976
  TOTAL SHARES & DEPOSITS 309,562,119
  TOTAL LIABILITIES 313,777,341
 Regular Reserve 0
 Other Reserves -6,166,288
 Undivided Earnings 23,585,267
  TOTAL EQUITY 17,418,979
  TOTAL LIABILITIES, SHARES, & EQUITY 331,196,320
INCOME & EXPENSE  
 Loan Income 1,276,728
 Investment Income 286,785
 Other Income 360,569
 Total Employee Compensation & Benefits 1,194,945
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 927,117
 Non-operating Income & (Expense) -1
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense -59,921
 Cost of Funds 30,435
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 228,261
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