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Gogebic County Credit Union

Overview
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Gogebic County Credit Union is a federal credit union based in Bessemer, Michigan. It has been opened since 1952, for 68 years.

With around $21,780,000 in assets, Gogebic County Credit Union is considered to be an average size credit union.

About
Address 600 W. Lead Street
Bessemer, Michigan 49911
Website http://www.gogebicfcu.com
Phone (906) 663-4011
Fax (906) 663-4824
CEO Jane M. Baker
President of the Board Ladd E. Honkala
Services Offered
Map
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Score Card
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68 years
Years in business
Opened in 1952
Well Capitalized
Net worth classification
Source: NCUA
4,091 members
Membership type: Community credit union
Average number of members
744:1
Credit union member to staff ratio
744 per each FTE employee
Compared to 411:1 nationally
Less staff than other credit unions
$21,783,854
Total assets
Average size
1 branch
Compared with an average of 4 nationally and 4 in Michigan
Average number of branches
0.25%
Savings interest rate
Compared to 0.3% nationally
Branches
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1 branch
Compared with an average of 4 nationally and 4 in Michigan
Average number of branches
Gogebic County Credit Union Branch Locations

Gogebic County Federal Credit Union
600 W. Lead Street
Bessemer, Michigan 49911
No ATM
Members
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4,091 members
Membership type: Community credit union
Average number of members

With 4,091 members, the Gogebic County Credit Union is considered to be a medium size credit union. It is larger than 52% of credit unions.

Fees
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$28
Average fee per member
The average fee per member at the Gogebic County Credit Union is $28, which is low compared to most credit unions. This rate is lower than 67% of all credit unions.
Fees are lower than average

Credit unions, like banks, charge members various fees, such as overdraft fees, ATM fees, credit card fees, inactivity or dormat account fees, and more.

The average fee per member gives you a general sense of how much you might pay in fees as a member of the Gogebic County Credit Union. Some credit unions tend to charge more fees, while others charge less.

Staff
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744:1
Credit union member to staff ratio
744 per each FTE employee
Compared to 411:1 nationally
Less staff than other credit unions
6 staff members
FTE (full-time equivalent)
17% of employees are part-time
5 full-time, 1 part-time

Gogebic County Credit Union has 5 full-time staff members and 1 part-time staff members. The staff is predominantly comprised of full-time staff, at approximately 83% of the workforce.

The number of members relative to staff members is an indication of how well staffed the credit union is. Gogebic County Credit Union has around 744 members per staff, a high ratio compared to other credit unions.

Assets
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$21,783,854
Total assets
Average size
Net worth
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Well Capitalized
Net worth classification
Source: NCUA
A well capitalized credit union has a net worth ratio of 7% or greater and also meets applicable risk-based net worth requirements, according to the National Credit Union Administration.
10.5%
Net worth ratio
A higher net worth ratio is better.
Compared to an average of 13.6% nationally

A credit union's net worth ratio is one of the most important metrics you should consider when deciding whether to join a credit union. Why? It's a measure of financial strength

The net worth ratio is equal to a credit union's net worth divided by its assets. According to the National Credit Union Administration, a minimum net worth ratio of 7% is required to be considered to be a well capitalized credit union.

Loans & leases
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$6,967
Average loan and lease size
Loan & lease sizes are small. They are smaller than at 78% of credit unions.

Gogebic County Credit Union holds a total of $9,290,000 in loans and leases, which is about $6,967 per member on average.

Savings interest rate
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0.25%
Savings interest rate
Compared to 0.3% nationally

A credit union share account is an account at a credit union. It's called a share account because the credit union is member owned and as a result, members own shares in the credit union.

A share savings account pays you interest on your savings, similar to a savings account at a bank. The interest you receive can vary. Gogebic County Credit Union pays 0.25%.

Loan rates
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10.00%
Unsecured non-credit card loan interest rate
Compared to 11.2% nationally
7.50%
Other secured non-real estate loans and lines of credit interest rate
Compared to 5.3% nationally
Car loan rates
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3.50%
New car loan rate
Compared to 4.0% nationally
8.00%
Used car loan rate
Compared to 5.2% nationally
Mortgage rates
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4.50%
Mortgage rate (secured by 1st lien)
Compared to 3.3% nationally
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Credit Card Loan Interest Rate
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