Dec, 31, 2023 — SOUTH CENTRAL CREDIT UNION is a federally insured state chartered credit union headquartered in JACKSON, MI with 1 branch location and about $84.21 million in total assets. Opened 70 years ago in 1954, SOUTH CENTRAL CREDIT UNION has about 7,324 members and employs 17 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | SOUTH CENTRAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 958 W Monroe St JACKSON, MI 49202-2036 |
| Phone: | (517) 787-2220 |
| Fax: | (517) 787-7082 |
| Website: | https://southcentralcu.org |
| Branches: | 1 branch locations |
| Members: | 7,324 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 62143 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1954 |
| Last Audited: | Jun 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $84,205,920 |
| CEO/Manager: | Terri L Papiersky |
| Chairperson: | Karen A Coffman |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 9,909,269 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 3,063,536 |
| Unsecured Loans | 4,188,603 |
| Other Loans | 35,154,356 |
| TOTAL LOANS | 42,406,495 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -918,615 |
| Land And Building | 1,327,806 |
| Other Fixed Assets | 276,383 |
| NCUSIF Deposit | 736,088 |
| All Other Assets | 0 |
| TOTAL ASSETS | 84,205,920 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 468,824 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 17,350,166 |
| Regular shares | 24,512,023 |
| All Other Shares & Deposits | 30,709,684 |
| TOTAL SHARES & DEPOSITS | 72,571,873 |
| TOTAL LIABILITIES | 73,040,697 |
| Regular Reserve | 0 |
| Other Reserves | 394,811 |
| Undivided Earnings | 10,770,412 |
| TOTAL EQUITY | 11,165,223 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 84,205,920 |
| INCOME & EXPENSE | |
| Loan Income | 2,087,903 |
| Investment Income | 1,644,441 |
| Other Income | 829,836 |
| Total Employee Compensation & Benefits | 1,141,737 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 1,992,729 |
| Non-operating Income & (Expense) | -5,997 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 773,012 |
| Cost of Funds | 411,110 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 310,674 |
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