Dec, 31, 2023 — MICHIGAN FIRST CREDIT UNION is a federally insured state chartered credit union headquartered in LATHRUP VILLAGE, MI with 30 branch locations and about $1.51 billion in total assets. Opened 98 years ago in 1926, MICHIGAN FIRST CREDIT UNION has about 167,996 members and employs 486 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 FIRST CREDIT UNION |
---|---|
Address: (Main Office) | 27000 Evergreen Rd LATHRUP VILLAGE, MI 48076-3231 |
Phone: | (248) 443-4600 |
Fax: | |
Website: | https://www.michiganfirst.com |
Branches: | 30 branch locations |
Members: | 167,996 |
Credit Union Type: | Federally Insured State Chartered Credit Union |
Charter Number: | 60522 |
---|---|
Membership Type: | State chartered natural person |
Corporate Credit Union: | No |
Year Opened: | 1926 |
Last Audited: | Dec 01, 2022 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $1,505,941,681 |
CEO/Manager: | Jennifer Borowy |
Chairperson: | Linda L Height |
ASSETS: | $ Amount |
---|---|
Cash & Equivalents | 142,005,706 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 4,596,230 |
Real Estate Loans | 588,941,990 |
Unsecured Loans | 102,792,105 |
Other Loans | 379,343,660 |
TOTAL LOANS | 1,071,317,660 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -10,355,274 |
Land And Building | 55,287,331 |
Other Fixed Assets | 14,718,990 |
NCUSIF Deposit | 10,143,941 |
All Other Assets | 1,619,066 |
TOTAL ASSETS | 1,505,941,681 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 21 |
Notes & Interest Payable | 250,000,000 |
Accounts Payable & Other Liabilities | 29,049,499 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 254,156,683 |
Regular shares | 517,632,262 |
All Other Shares & Deposits | 277,324,558 |
TOTAL SHARES & DEPOSITS | 1,049,113,503 |
TOTAL LIABILITIES | 1,328,163,023 |
Regular Reserve | 0 |
Other Reserves | 16,683,121 |
Undivided Earnings | 161,095,537 |
TOTAL EQUITY | 177,778,658 |
TOTAL LIABILITIES, SHARES, & EQUITY | 1,505,941,681 |
INCOME & EXPENSE | |
Loan Income | 62,374,698 |
Investment Income | 8,878,426 |
Other Income | 31,185,361 |
Total Employee Compensation & Benefits | 44,854,442 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 38,269,579 |
Non-operating Income & (Expense) | 0 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 9,433,809 |
Cost of Funds | 13,645,223 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 17,427,123 |
↑ Back to Top |