Dec, 31, 2023 — SECURITY CREDIT UNION is a federally insured state chartered credit union headquartered in HOLLY, MI with 14 branch locations and about $638.77 million in total assets. Opened 69 years ago in 1955, SECURITY CREDIT UNION has about 52,806 members and employs 164 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | SECURITY CREDIT UNION |
|---|---|
| Address: (Main Office) | 5255 Security Park Blvd HOLLY, MI 48442-9569 |
| Phone: | (810) 235-2322 |
| Fax: | |
| Website: | https://www.securitycu.org |
| Branches: | 14 branch locations |
| Members: | 52,806 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 61159 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1955 |
| Last Audited: | Mar 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $638,770,368 |
| CEO/Manager: | Christopher L Estes |
| Chairperson: | John Truchan |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 21,939,847 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 138,993,041 |
| Unsecured Loans | 27,442,489 |
| Other Loans | 319,834,362 |
| TOTAL LOANS | 486,431,857 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -4,814,050 |
| Land And Building | 24,393,396 |
| Other Fixed Assets | 4,266,170 |
| NCUSIF Deposit | 5,330,410 |
| All Other Assets | 1,124,873 |
| TOTAL ASSETS | 638,770,368 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 423,060 |
| Notes & Interest Payable | 39,500,000 |
| Accounts Payable & Other Liabilities | 7,504,132 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 7,000,000 |
| Share Drafts | 103,635,685 |
| Regular shares | 254,885,212 |
| All Other Shares & Deposits | 181,106,982 |
| TOTAL SHARES & DEPOSITS | 539,627,880 |
| TOTAL LIABILITIES | 594,055,072 |
| Regular Reserve | 0 |
| Other Reserves | 7,360,343 |
| Undivided Earnings | 37,354,953 |
| TOTAL EQUITY | 44,715,296 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 638,770,368 |
| INCOME & EXPENSE | |
| Loan Income | 25,344,709 |
| Investment Income | 2,041,006 |
| Other Income | 4,193,525 |
| Total Employee Compensation & Benefits | 11,661,930 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 14,138,827 |
| Non-operating Income & (Expense) | 9,310 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 2,265,906 |
| Cost of Funds | 4,047,036 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 3,134,433 |
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