Dec, 31, 2023 — MEMBERS FIRST CREDIT UNION is a federally insured state chartered credit union headquartered in MIDLAND, MI with 11 branch locations and about $827.70 million in total assets. Opened 88 years ago in 1936, MEMBERS FIRST CREDIT UNION has about 63,656 members and employs 257 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | MEMBERS FIRST CREDIT UNION |
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Address: (Main Office) | 600 W Wackerly St MIDLAND, MI 48640-4702 |
Phone: | (855) 835-6328 |
Fax: | (989) 835-5202 |
Website: | https://www.mfcu.net |
Branches: | 11 branch locations |
Members: | 63,656 |
Credit Union Type: | Federally Insured State Chartered Credit Union |
Charter Number: | 62076 |
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Membership Type: | State chartered natural person |
Corporate Credit Union: | No |
Year Opened: | 1936 |
Last Audited: | Jun 01, 2023 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $827,697,863 |
CEO/Manager: | Carrie Iafrate |
Chairperson: | Robert Cooper |
ASSETS: | $ Amount |
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Cash & Equivalents | 32,525,472 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 477,600 |
Real Estate Loans | 190,241,104 |
Unsecured Loans | 101,859,361 |
Other Loans | 311,588,149 |
TOTAL LOANS | 608,381,948 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -6,485,707 |
Land And Building | 12,736,301 |
Other Fixed Assets | 1,803,825 |
NCUSIF Deposit | 6,576,856 |
All Other Assets | 0 |
TOTAL ASSETS | 827,697,863 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 91,714 |
Notes & Interest Payable | 68,000,000 |
Accounts Payable & Other Liabilities | 10,902,995 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 139,170,550 |
Regular shares | 147,666,922 |
All Other Shares & Deposits | 400,165,474 |
TOTAL SHARES & DEPOSITS | 687,002,946 |
TOTAL LIABILITIES | 765,997,655 |
Regular Reserve | 0 |
Other Reserves | 4,132,576 |
Undivided Earnings | 57,567,632 |
TOTAL EQUITY | 61,700,208 |
TOTAL LIABILITIES, SHARES, & EQUITY | 827,697,863 |
INCOME & EXPENSE | |
Loan Income | 34,353,597 |
Investment Income | 3,922,094 |
Other Income | 5,883,212 |
Total Employee Compensation & Benefits | 20,240,323 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 16,720,945 |
Non-operating Income & (Expense) | 12,600 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 3,972,218 |
Cost of Funds | 10,905,988 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 2,483,027 |
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