Dec, 31, 2023 — MEMBERFOCUS COMMUNITY CREDIT UNION is a federally insured state chartered credit union headquartered in FARMINGTON, MI with 6 branch locations and about $434.94 million in total assets. Opened 89 years ago in 1935, MEMBERFOCUS COMMUNITY CREDIT UNION has about 27,987 members and employs 87 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | MEMBERFOCUS COMMUNITY CREDIT UNION |
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Address: (Main Office) | 22981 Farmington Rd FARMINGTON, MI 48336-3915 |
Phone: | (248) 474-2502 |
Fax: | |
Website: | https://loccreditunion.com |
Branches: | 6 branch locations |
Members: | 27,987 |
Credit Union Type: | Federally Insured State Chartered Credit Union |
Charter Number: | 61404 |
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Membership Type: | State chartered natural person |
Corporate Credit Union: | No |
Year Opened: | 1935 |
Last Audited: | Sep 01, 2023 |
FHLB Member: | No |
Low Income Designation: | No |
Assets: | $434,942,078 |
CEO/Manager: | Stephen Grech |
Chairperson: | Michael Lasley |
ASSETS: | $ Amount |
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Cash & Equivalents | 14,486,054 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 134,419,221 |
Unsecured Loans | 8,175,152 |
Other Loans | 107,072,400 |
TOTAL LOANS | 249,666,773 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,044,438 |
Land And Building | 7,374,622 |
Other Fixed Assets | 1,095,288 |
NCUSIF Deposit | 4,037,740 |
All Other Assets | 0 |
TOTAL ASSETS | 434,942,078 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 52,632 |
Notes & Interest Payable | 0 |
Accounts Payable & Other Liabilities | 5,338,342 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 94,448,904 |
Regular shares | 181,225,092 |
All Other Shares & Deposits | 123,122,759 |
TOTAL SHARES & DEPOSITS | 398,796,756 |
TOTAL LIABILITIES | 404,187,730 |
Regular Reserve | 0 |
Other Reserves | -4,095,537 |
Undivided Earnings | 34,849,885 |
TOTAL EQUITY | 30,754,348 |
TOTAL LIABILITIES, SHARES, & EQUITY | 434,942,078 |
INCOME & EXPENSE | |
Loan Income | 11,073,232 |
Investment Income | 4,350,746 |
Other Income | 869,014 |
Total Employee Compensation & Benefits | 6,997,436 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 5,716,249 |
Non-operating Income & (Expense) | 13,794 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 546,540 |
Cost of Funds | 1,357,833 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 4,158,503 |
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