Overview / Commentary
Forest Area Federal Credit Union is headquartered in Fife Lake and is the 74th largest credit union in the state of Michigan. It is also the 1,213th largest credit union in the nation. It was established in 1983 and as of June of 2022, it had grown to 50 employees and 17,688 members at 6 locations. Forest Area Federal Credit Union has an A health rating.
Field of Membership Restrictions
Membership to Forest Area Federal Credit Union is offered to businesses or other legal entities, and those who live, work, worship, or attend school in the Michigan counties of Antrim, Crawford, Grand Traverse, Kalkaska, Missaukee, or Wexford.
See current membership details
Health
Health Grade Components
| Overall | |
|---|---|
| NCUA # | 24047 |
| Year Chartered | 1983 |
| Employees | 50 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.67% |
| Return on Equity - YTD | 17.17% |
| Annual Interest Income | $3.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $212.5MM$174.7MM |
| Loans | Q2 2022vs Q2 2021 | $140.9MM$111.6MM |
| Deposits | Q2 2022vs Q2 2021 | $191.2MM$154.0MM |
| Equity Capital | Q2 2022vs Q2 2021 | $20.4MM$19.6MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $1.0MM$982.00K |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $986.00K$477.00K |
| Real Estate Owned | Q2 2022vs Q2 2021 | $0$0 |