Dec, 31, 2023 — SERVICE 1 FEDERAL CREDIT UNION is a federal credit union headquartered in NORTON SHORES, MI with 6 branch locations and about $192.97 million in total assets. Opened 84 years ago in 1940, SERVICE 1 FEDERAL CREDIT UNION has about 21,670 members and employs 64 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | SERVICE 1 FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 1075 E Sherman Blvd NORTON SHORES, MI 49444-1807 |
| Phone: | (231) 739-5068 |
| Fax: | (231) 737-3522 |
| Website: | https://www.service1fcu.com |
| Branches: | 6 branch locations |
| Members: | 21,670 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 4038 |
|---|---|
| Membership Type: | Multiple common bond - Primarily machinery |
| Corporate Credit Union: | No |
| Year Opened: | 1940 |
| Last Audited: | Mar 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $192,974,285 |
| CEO/Manager: | Kim Bourdo |
| Chairperson: | Lewis Collins |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 14,531,425 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 584,130 |
| Real Estate Loans | 34,533,579 |
| Unsecured Loans | 9,618,939 |
| Other Loans | 96,653,339 |
| TOTAL LOANS | 140,805,857 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -720,713 |
| Land And Building | 3,480,276 |
| Other Fixed Assets | 761,409 |
| NCUSIF Deposit | 1,626,453 |
| All Other Assets | 0 |
| TOTAL ASSETS | 192,974,285 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 66,097 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 1,262,341 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 26,053,063 |
| Regular shares | 50,486,722 |
| All Other Shares & Deposits | 85,294,502 |
| TOTAL SHARES & DEPOSITS | 161,834,287 |
| TOTAL LIABILITIES | 163,162,725 |
| Regular Reserve | 0 |
| Other Reserves | 753,551 |
| Undivided Earnings | 29,058,009 |
| TOTAL EQUITY | 29,811,560 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 192,974,285 |
| INCOME & EXPENSE | |
| Loan Income | 7,213,118 |
| Investment Income | 1,031,889 |
| Other Income | 1,944,837 |
| Total Employee Compensation & Benefits | 4,314,372 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 3,981,390 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 524,993 |
| Cost of Funds | 1,571,733 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,975,866 |
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