1st Midamerica Credit Union
- Assets
- $933.1m
- Revenue
- $45.3m
- Investments
- $68.5m
- Employees
- 280
- Location
- Bethalto, IL
- Founding
- 06/1955
- Data as of
- 12/2022
- EIN
- 37-0580723
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 12/2022, 1st Midamerica Credit Union employed 280 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 12/2022, 1st Midamerica Credit Union generated $45.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.7% each year. All expenses for the organization totaled $37.8m during the year ending 12/2022. While expenses have increased by 3.0% per year over the past 8 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
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 2022, 12,582 LOANS WERE APPROVED, AND WE EXTENDED $325,148,016 TO OUR MEMBERS.
WE ENDED THE YEAR WITH TOTAL SHARE BALANCES OF $752,901,001. 1ST MIDAMERICA CREDIT UNION ENDED 2022 SERVING 70,443 MEMBERS.
1ST MIDAMERICA CREDIT UNION ISSUED 1,817 CERTIFICATES OF DEPOSIT IN 2022. THE TOTAL ORIGINATION AMOUNT OF ALL CD'S WAS $74,047,545.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alan Meyer President/ceo | OfficerTrustee | 50 | $969,204 |
Robert Blacklock Senior VP Of Finance/cfo | Officer | 50 | $470,901 |
Perry Withers Senior Vice President Of Lending/clo | Officer | 50 | $237,028 |
James Cherry Senior Vice President Of It/cio | Officer | 50 | $208,477 |
Elysa Robin VP Of Human Resources | 50 | $192,854 | |
Terri Herbstreit Vice President Of Accounting | 50 | $129,218 |
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 | $42,205,766 |
| Investment income | $3,023,244 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $54,682 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $45,283,692 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,714,087 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,854,940 |
| Pension plan accruals and contributions | $701,620 |
| Other employee benefits | $1,502,052 |
| Payroll taxes | $782,859 |
| Fees for services: Management | $875,267 |
| Fees for services: Legal | $55,744 |
| Fees for services: Accounting | $207,710 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,436,620 |
| Advertising and promotion | $1,034,454 |
| Office expenses | $209,152 |
| Information technology | $820,380 |
| Royalties | $0 |
| Occupancy | $1,476,071 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $317,613 |
| Interest | $2,654,083 |
| Payments to affiliates | $82,392 |
| Depreciation, depletion, and amortization | $1,433,366 |
| Insurance | $178,689 |
| All other expenses | $3,197,606 |
| Total functional expenses | $37,779,980 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,214,557 |
| Savings and temporary cash investments | $32,208,528 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $762,938,295 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $7,249,682 |
| Net Land, buildings, and equipment | $26,480,570 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $68,481,535 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $33,562,649 |
| Total assets | $933,135,816 |
| Accounts payable and accrued expenses | $81,398,840 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $1,136,234 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $751,764,767 |
| Total liabilities | $834,299,841 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $98,835,975 |
| Total liabilities and net assets/fund balances | $933,135,816 |