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National Credit Union Service Organization

THE LOCAL CREDIT UNION

Dec, 31, 2023 — THE LOCAL CREDIT UNION is a federally insured state chartered credit union headquartered in STERLING HEIGHTS, MI with 1 branch location and about $106.02 million in total assets. Opened 75 years ago in 1949, THE LOCAL CREDIT UNION has about 11,185 members and employs 22 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


Name:THE LOCAL CREDIT UNION
Address:
(Main Office)
39139 Mound Rd
STERLING HEIGHTS, MI 48310-2737
Phone:(586) 264-1212
Fax:(586) 264-9447
Website:https://www.thelocalcreditunion.com
Branches:1 branch locations
Members:11,185
Credit Union Type:Federally Insured State Chartered Credit Union
Charter Number:63342
Membership Type:State chartered natural person
Corporate Credit Union:No
Year Opened:1949
Last Audited:Jun 01, 2023
FHLB Member:Yes
Low Income Designation:No
Assets:$106,015,170
CEO/Manager:Joseph F Hallman
Chairperson:Joseph Cusenza

Call Report

  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 12,252,404
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 9,999,874
 Unsecured Loans 4,702,266
 Other Loans 32,931,775
 TOTAL LOANS 47,633,915
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -407,959
 Land And Building 2,366,747
 Other Fixed Assets 228,419
 NCUSIF Deposit 922,065
 All Other Assets 0
  TOTAL ASSETS 106,015,170
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 1,475,329
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 17,076,707
 Regular shares 19,832,289
 All Other Shares & Deposits 55,038,337
  TOTAL SHARES & DEPOSITS 91,947,333
  TOTAL LIABILITIES 93,422,662
 Regular Reserve 0
 Other Reserves -2,754,734
 Undivided Earnings 15,347,242
  TOTAL EQUITY 12,592,508
  TOTAL LIABILITIES, SHARES, & EQUITY 106,015,170
INCOME & EXPENSE  
 Loan Income 2,411,761
 Investment Income 1,105,091
 Other Income 1,044,225
 Total Employee Compensation & Benefits 1,936,826
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 2,368,991
 Non-operating Income & (Expense) -4,706
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 141,723
 Cost of Funds 613,931
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 167,627
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