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 |
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 |
↑ Back to Top |