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.
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 |
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 |
↑ Back to Top |