Dec, 31, 2023 — RIVER VALLEY CREDIT UNION is a federally insured state chartered credit union headquartered in ADA, MI with 2 branch locations and about $120.43 million in total assets. Opened 59 years ago in 1965, RIVER VALLEY CREDIT UNION has about 9,699 members and employs 31 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | RIVER VALLEY CREDIT UNION |
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Address: (Main Office) | 7177 Headley St SE ADA, MI 49301-9900 |
Phone: | (616) 787-7481 |
Fax: | (616) 676-8136 |
Website: | https://www.myrivervalleycu.org |
Branches: | 2 branch locations |
Members: | 9,699 |
Credit Union Type: | Federally Insured State Chartered Credit Union |
Charter Number: | 62123 |
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Membership Type: | State chartered natural person |
Corporate Credit Union: | No |
Year Opened: | 1965 |
Last Audited: | Mar 01, 2023 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $120,427,453 |
CEO/Manager: | Janelle Franke |
Chairperson: | Kurt Hansen |
ASSETS: | $ Amount |
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Cash & Equivalents | 2,210,503 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 25,580,557 |
Unsecured Loans | 7,921,582 |
Other Loans | 39,802,561 |
TOTAL LOANS | 73,304,700 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -619,018 |
Land And Building | 2,073,269 |
Other Fixed Assets | 197,732 |
NCUSIF Deposit | 1,119,081 |
All Other Assets | 0 |
TOTAL ASSETS | 120,427,453 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 0 |
Notes & Interest Payable | 3,000,000 |
Accounts Payable & Other Liabilities | 1,201,425 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 21,364,465 |
Regular shares | 45,879,440 |
All Other Shares & Deposits | 36,153,856 |
TOTAL SHARES & DEPOSITS | 103,397,761 |
TOTAL LIABILITIES | 107,599,186 |
Regular Reserve | 0 |
Other Reserves | 74,691 |
Undivided Earnings | 12,753,576 |
TOTAL EQUITY | 12,828,267 |
TOTAL LIABILITIES, SHARES, & EQUITY | 120,427,453 |
INCOME & EXPENSE | |
Loan Income | 3,378,684 |
Investment Income | 994,440 |
Other Income | 529,196 |
Total Employee Compensation & Benefits | 2,156,731 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 2,223,942 |
Non-operating Income & (Expense) | 0 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 204,500 |
Cost of Funds | 322,013 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 1,344,408 |
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