Dec, 31, 2023 — SOO CO-OP CREDIT UNION is a federally insured state chartered credit union headquartered in SAULT SAINTE MARIE, MI with 7 branch locations and about $259.28 million in total assets. Opened 66 years ago in 1958, SOO CO-OP CREDIT UNION has about 24,132 members and employs 85 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | SOO CO-OP CREDIT UNION |
|---|---|
| Address: (Main Office) | 4489 I 75 Business Spur SAULT SAINTE MARIE, MI 49783 |
| Phone: | (906) 632-5300 |
| Fax: | (906) 632-6631 |
| Website: | https://www.soocoop.com |
| Branches: | 7 branch locations |
| Members: | 24,132 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 62325 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1958 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $259,284,778 |
| CEO/Manager: | Lynda L Ellis |
| Chairperson: | Edwin J Cook |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 13,710,144 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 39,913,911 |
| Unsecured Loans | 15,271,471 |
| Other Loans | 109,635,659 |
| TOTAL LOANS | 166,649,653 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -616,606 |
| Land And Building | 4,413,055 |
| Other Fixed Assets | 298,074 |
| NCUSIF Deposit | 2,175,708 |
| All Other Assets | 28,430 |
| TOTAL ASSETS | 259,284,778 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 86,055 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 1,484,721 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 50,432,480 |
| Regular shares | 99,163,176 |
| All Other Shares & Deposits | 80,394,128 |
| TOTAL SHARES & DEPOSITS | 229,989,783 |
| TOTAL LIABILITIES | 231,560,559 |
| Regular Reserve | 0 |
| Other Reserves | -4,510,784 |
| Undivided Earnings | 32,235,003 |
| TOTAL EQUITY | 27,724,219 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 259,284,778 |
| INCOME & EXPENSE | |
| Loan Income | 8,480,642 |
| Investment Income | 1,475,239 |
| Other Income | 1,706,288 |
| Total Employee Compensation & Benefits | 4,686,198 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 4,895,477 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 236,688 |
| Cost of Funds | 1,352,199 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 2,762,971 |
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