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National Credit Union Service Organization

WEST MICHIGAN CREDIT UNION

Dec, 31, 2023 — WEST MICHIGAN CREDIT UNION is a federally insured state chartered credit union headquartered in GRAND RAPIDS, MI with 7 branch locations and about $253.92 million in total assets. Opened 68 years ago in 1956, WEST MICHIGAN CREDIT UNION has about 18,558 members and employs 71 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


ABA Routing Number: 272481004
Name:WEST MICHIGAN CREDIT UNION
Address:
(Main Office)
1720 Michigan St NE
GRAND RAPIDS, MI 49503
Phone:(616) 451-4567
Fax:(616) 635-2318
Website:https://www.westmichigancu.com
Branches:7 branch locations
Members:18,558
Credit Union Type:Federally Insured State Chartered Credit Union
Charter Number:62347
Membership Type:State chartered natural person
Corporate Credit Union:No
Year Opened:1956
Last Audited:Dec 01, 2022
FHLB Member:No
Low Income Designation:No
Assets:$253,915,069
CEO/Manager:William J Keim
Chairperson:Brent Nevins

Call Report

  • International Remittances
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 20,936,757
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 42,040,450
 Unsecured Loans 13,723,896
 Other Loans 78,991,853
 TOTAL LOANS 134,756,199
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -1,257,389
 Land And Building 3,747,396
 Other Fixed Assets 353,680
 NCUSIF Deposit 2,148,445
 All Other Assets 0
  TOTAL ASSETS 253,915,069
LIABILITIES & CAPITAL:  
 Dividends Payable 23,073
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 1,950,739
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 34,318,106
 Regular shares 73,024,856
 All Other Shares & Deposits 98,428,577
  TOTAL SHARES & DEPOSITS 205,771,539
  TOTAL LIABILITIES 207,745,351
 Regular Reserve 0
 Other Reserves 5,995,931
 Undivided Earnings 40,173,787
  TOTAL EQUITY 46,169,718
  TOTAL LIABILITIES, SHARES, & EQUITY 253,915,069
INCOME & EXPENSE  
 Loan Income 6,618,019
 Investment Income 3,380,817
 Other Income 1,455,645
 Total Employee Compensation & Benefits 4,233,996
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 4,155,366
 Non-operating Income & (Expense) -18,290
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 928,172
 Cost of Funds 880,239
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 3,130,902
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