2025-06-10T16:46:47-04:00 2024-12-31 WILLIAM ARVO CPA PLLC 41250 GLOCA MORA Harrison Township MI 48045 990 2024-01-01 381406340 THE LOCAL CREDIT UNION % JOSEPH HALLMAN LOCA 5862641212 39139 MOUND ROAD Sterling Heights MI 48310 JOSEPH HALLMAN PRESIDENTCEO 5862641212 2025-05-14 true true WILLIAM ARVO CPA P01883186 2484674879 2025-06-10 X 2024 2025-03-06 01:10:19Z 5673595 false X WWW.THELOCALCREDITUNION.COM X 1949 MI TO PROVIDE OUR MEMBERS WITH AN INNOVATIVE AND QUALITY FULL SERVICE FINANCIAL SYSTEM. 7 7 27 10 22731 22731 0 4126376 4310243 1102722 1341029 0 5229098 5651272 0 0 1936826 2014672 0 0 3124644 3335748 5061470 5350420 167628 300852 106015170 102891778 93422662 89030069 12592508 13861709 TO PROVIDE OUR MEMBERS WITH AN INNOVATIVE AND QUALITY FULL SERVICE FINANCIAL SYSTEM. false false 5350420 PROVIDE 9,883 MEMBERS WITH VARIOUS SAVINGS, SHARE DRAFT, CEDRTIFICATE OF DEPOSIT, IRA AND MONEY MARKET ACCOUNTS WITH AN AGGREGATE BALANCE OF APPROXIMATELY $88,176,500 AS OF DECEMBER 31, 2024. OFFER AUTOMATEED TELLER MACHINES, DEBIT CARDS, CHECK CASHING, BILL PAYMENTS, WIRE TRANSFERS AND VARIOUS INSURANCE PROGRAMS TO OUR MEMBERS. PROVIDE 3,664 LOANS INCLUDING VEHICLE, SIGNATURE, CREDIT CARD, MORTGAGE, HOME EQUITY, OVERDRAFT PROTECTION AND RECREATIONAL VEHICLE. TOTAL OUTSTANDING LOANS APPROXIMATED $45,617,000 AS OF DECEMBER 31, 2024 5350420 false false false false false false false false false true false false false true false false true false false false false false false false false false false false true false true false false false false false false false false false true false false true 1536 0 true 27 true true true false false false false false false false X 7 7 false false false false true true true true true false false true true true true false true true true false X FRANK VOELKER 5862641212 39139 MOUND ROAD Sterling Heights MI 48310 JOE HALLMAN PRESIDENTCEO 40.00 0.00 X 214426 0 45942 SHERRY LAWFIELD VP RETAIL OPERATIONS 40.00 0.00 X 110074 0 20876 ROY MACDONALD LENDING MANAGER 40.00 0.00 X 96033 0 19148 H FRANK VOELKER ACCOUNTING MANAGER 40.00 0.00 X 86363 0 18286 JOSEPH CUSENZA CHAIRPERSON 1.00 0.00 X 0 0 0 JIMMIE COLE VICE CHAIRPERSON 1.00 0.00 X 0 0 0 NICOLE DIDA TREASURER 1.00 0.00 X 0 0 0 ROBERT GOWATCH DIRECTOR 1.00 0.00 X 0 0 0 JOHN LISS DIRECTOR 1.00 0.00 X 0 0 0 MICHAEL WAGNER DIRECTOR 1.00 0.00 X 0 0 0 DAVID BRYANT DIRECTOR 1.00 0.00 X 0 0 0 506896 0 104252 2 false true false CO-OP FINANCIAL SERVICES INC 9692 HAVEN AVENUE Rancho Cucamonga CA 917305891 ATM AND SHARED BRA 309940 CORELATION INC 2305 HISTORIC DECATUR ROAD STE 300 San Diego CA 921066073 CORE SOFTWARE 229509 KASASA LTD 6504 BRIDGE POINT PARKWAY STE 500 Austin TX 78730 CONSULTING SERVICE 161767 3 FEE INCOME 522100 887681 887681 OTHER INCOME 522100 684568 684568 FINANCE AND INSURANCE 522100 22731 22731 INCOME ON LOANS 522100 2715263 2715263 4310243 1345106 1345106 18246 11 22312 -11 -4066 -4077 -4077 0 5651272 5628541 22731 0 506896 506896 889780 889780 91826 91826 407803 407803 118367 118367 47329 47329 106883 106883 130430 130430 321051 321051 646495 646495 43900 43900 29700 29700 748607 748607 158300 158300 30949 30949 ASSOCIATION 10340 10340 ATM EXPENSES 415844 415844 SHARED BRANCHING 70690 70690 LOAN SERVICING 199380 199380 375850 375850 5350420 5350420 0 0 1002305 821782 11250099 8015532 206129 77114 1499250 1493276 47127205 45141757 206845 213328 3497611 1036103 2595166 2461508 38284701 40800645 712500 712500 3130970 3154336 106015170 102891778 1475329 853569 91947333 88176500 93422662 89030069 X 12592508 13861709 12592508 13861709 106015170 102891778 300852 968349 0 X false true X true false 19611 19611 2668642 398042 2270600 809358 638061 171297 2461508 MEMBER SHARES 88176500 88176500 X X false true false JOE HALLMAN PRESIDENTCEO 214426 16378 29564 260368 JOSEPH HALLMAN PRESIDENTCEO SPLIT DOLLAR X 1287000 1430380 false true true JOSEPH HALLMAN PRESIDENTCEO USED VEHICLE X 39819 13779 false true true JOSEPH HALLMAN PRESIDENTCEO NEW VEHICLE X 39460 20931 false true true JOSEPH HALLMAN PRESIDENTCEO USED VEHICLE X 17000 13564 false true true SHERRY LAWFIELD VICE PRESIDENT RETAI USED VEHICLE X 35000 9174 false true true H FRANK VOELKER III ACCOUNTING MANAGER NEW VEHICLE X 41500 5448 false true true 1493276 Members or stockholder classes and rights Part VI line 6 THE CREDIT UNION HAS A SINGLE CLASS OF MEMBERS WITH EQUAL RIGHTS OF OWNERSHIP, GOVERNANCE, AND VOTING. Member election for additional members Part VI line 7a THE BOARD OF DIRECTORS ARE NOMINATED OR ELECTED BY MEMBERSHIP VOTE WHEN THERE ARE ADDITIONAL CANDIDATES. EACH BOARD MEMBER IS ELECTED FOR A THREE YEAR TERM. Governing body decisions Part VI line 7b CREDIT UNION DECISIONS THAT ARE SUBJECT TO MEMBERSHIP APPROVAL ARE THOSE DICTATED BY THE MICHIGAN CREDIT UNION ACT AND BYLAWS. Form 990 governing body review Part VI line 11 A REVIEW IS CONDUCTED BY THE PRESIDENT/CEO, ACCOUNTING MANAGER, AND THE BOARD OF DIRECTORS PRIOR TO SUBMISSION TO THE IRS. Conflict of interest policy compliance Part VI line 12c EMPLOYEES, BOARD OF DIRECTORS, AND SUPERVISORY COMMITTEE MEMBERS ARE REQUIRED ANNUALLY TO REVIEW THE POLICY AND SIGN A CONFLICT OF INTEREST ACKNOWLEDGEMENT FORM. CEO executive director top management comp Part VI line 15a COMPENSATION SURVFEYS ARE USED FOR MANAGEMENT MERIT INCREASES AND THESE ARE APPROVED BY THE BOARD OF DIRECTORS. SALARY INCREASES ARE DETERMINED BASED ON PERFORMANCE. THE LAST COMPENSATION REVIEW WAS PERFORMED IN 2024. Other officer or key employee compensation Part VI line 15b COMPENSATION SURVFEYS ARE USED FOR MANAGEMENT MERIT INCREASES AND THESE ARE APPROVED BY THE BOARD OF DIRECTORS. SALARY INCREASES ARE DETERMINED BASED ON PERFORMANCE. THE LAST COMPENSATION REVIEW WAS PERFORMED IN 2024. Governing documents etc available to public Part VI line 19 FINANCIAL STATEMENTS ARE POSTED IN THE CREDIT UNION LOBBY. OTHER DOCUMENTS AND POLICIES ARE AVAILABLE FOR REVIEW UPLON REQUEST. THE LOCAL INSURANCE GROUP 42536 HAYES ROAD STE 400 Clinton Township MI 48038 931424157 INSURANCE SALES MI THE LOCAL CREDIT UNION -73403 18282 false false 0.50000