Dec, 31, 2023 — MICHIGAN EDUCATIONAL CREDIT UNION is a federally insured state chartered credit union headquartered in PLYMOUTH, MI with 6 branch locations and about $1.01 billion in total assets. Opened 82 years ago in 1942, MICHIGAN EDUCATIONAL CREDIT UNION has about 49,994 members and employs 88 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | MICHIGAN EDUCATIONAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 9200 N Haggerty Rd PLYMOUTH, MI 48170-4633 |
| Phone: | (734) 455-9200 |
| Fax: | (734) 416-5256 |
| Website: | https://www.michedcu.org |
| Branches: | 6 branch locations |
| Members: | 49,994 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 60931 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1942 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $1,006,556,893 |
| CEO/Manager: | Robert Sandercock |
| Chairperson: | Alonzo Glaze |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 45,676,623 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 276,047,775 |
| Unsecured Loans | 23,998,587 |
| Other Loans | 211,785,215 |
| TOTAL LOANS | 511,831,577 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -3,349,778 |
| Land And Building | 6,360,361 |
| Other Fixed Assets | 1,215,608 |
| NCUSIF Deposit | 9,055,732 |
| All Other Assets | 0 |
| TOTAL ASSETS | 1,006,556,893 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 49,322 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 7,632,445 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 165,356,237 |
| Regular shares | 568,322,705 |
| All Other Shares & Deposits | 181,604,949 |
| TOTAL SHARES & DEPOSITS | 915,283,891 |
| TOTAL LIABILITIES | 922,965,658 |
| Regular Reserve | 0 |
| Other Reserves | -35,494,514 |
| Undivided Earnings | 119,085,749 |
| TOTAL EQUITY | 83,591,235 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 1,006,556,893 |
| INCOME & EXPENSE | |
| Loan Income | 20,821,742 |
| Investment Income | 8,125,265 |
| Other Income | 1,616,451 |
| Total Employee Compensation & Benefits | 11,694,789 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 12,302,677 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 1,503,838 |
| Cost of Funds | 4,395,579 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 3,476,732 |
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