1st Midamerica Credit Union

Organization Overview

1st Midamerica Credit Union is located in Bethalto, IL. The organization was established in 1955. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, 1st Midamerica Credit Union employed 290 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. 1st Midamerica Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.

For the year ending 12/2021, 1st Midamerica Credit Union generated $45.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.4% each year. All expenses for the organization totaled $35.6m during the year ending 12/2021. While expenses have increased by 2.6% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

THE OBJECTIVES OF 1ST MIDAMERICA CREDIT UNION ARE TO KNOW AND MEET FINANCIAL NEEDS OF OUR MEMBERS, TO MAINTAIN LONG TERM FINANCIAL SOUNDNESS, TO BE ACTIVE IN COMMUNITY AFFAIRS, AND TO BE A PREEMINENT SERVICE PROVIDER TO OUR MEMBERS. WE ARE CONTINUALLY EXPANDING OUR LIST OF SERVICES TO BETTER MEET THE FINANCIAL NEEDS OF OUR MEMBERS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

ONE OF THE PRIMARY FUNCTIONS OF THE CREDIT UNION IS TO EXTEND CREDIT TO OUR MEMBERS. OVER THE COURSE OF 2021, 11,152 LOANS WERE APPROVED, AND WE EXTENDED $281,696,229 TO OUR MEMBERS.


TOTAL SHARES INCREASED 6.18% IN 2021, ENDING THE YEAR WITH A BALANCE OF $755,622,923. 1ST MIDAMERICA CREDIT UNION ENDED 2021 SERVING 68,302 MEMBERS.


1ST MIDAMERICA CREDIT UNION ISSUED 605 CERTIFICATES OF DEPOSIT IN 2021. THE TOTAL ORIGINATION AMOUNT OF ALL CD'S WAS $20,405,830.


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Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$0
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$0
Total Program Service Revenue$44,939,569
Investment income $696,784
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $24,661
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $45,661,014

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