Torch Lake Federal Credit Union

A short history of Torch Lake FCU

Since its inception in 1955 the Torch Lake Federal Credit Union has been serving its members in the LAURIUM, Michigan area with exceptional financial products. You can find their current interest rates on used car loans, new car loans, 1st mortgage loans and interest rates on both fixed and adjustable mortgages here on these pages. Currently led by Connie Mikkola, the Torch Lake FCU has grown its membership to over 2,007 with assets of more than $7,762,681. They have a main office and 2 branch offices. Please see the credit unions website or contact them by phone at (906) 337-5565 or email them at torch@chartermi.net to get exact details . There are many other credit unions in the local area. See them all here. Credit Unions in LAURIUM, MI.

General Information For Torch Lake FCU was taken from their 6/30/2017 quarterly report, which is the most current available public information.

Compare Torch Lake Federal Credit Union To Other Local Credit Unions

Credit Union Name	Branch Name	Address	Zip Code	Phone Number	ATM Access	Distance (Miles)
Michigan Tech Employees CU	Main Branch/Corporate Offices	700 E Sharon Ave	49931	(906) 482-5005	No	24.45

Torch Lake Federal Credit Union Financial Performance Charts

Financial Data

Torch Lake Federal Credit Union Lowest Loan Rates With State and USA Rankings

	Unsecured Credit Card	New Car Loans	Used Car Loans	1st Mortgage Loans	Other Real Estate
Rate	8.00	3.34	5.19	3.47	N/A
Mean Rate For All USA Based Credit Unions	10.56	3.72	5.00	4.48	4.95
Rank Among All USA Credit Unions	91	185	348	69	N/A
Rank Among All Michigan Credit Unions	13	56	87	8	N/A

Torch Lake Federal Credit Union Highest Deposit Rates With State and USA Rankings

	Checking	Regular Savings	Money Market	Certificates of Deposits	IRA/KEOGH
Rate	N/A	0.05	N/A	0.34	N/A
Mean Rate For All USA Based Credit Unions	0.19	0.26	0.29	0.73	0.66
Rank Among All USA Credit Unions	N/A	143	N/A	295	N/A
Rank Among All Michigan Credit Unions	N/A	19	N/A	67	N/A

Torch Lake Federal Credit Union Loans and Leases

Interest Rate

Number of Loans

Amount

Unsecured Credit Card Loans	8.000	65	59,851
All Other Unsecured Loans/Lines of Credit	8.790	164	305,752
Short-Term, Small Amount Loans (STS) (Federal CU Only)	0.000	0	0
Non-Federally Guaranteed Student Loans	0.000	0	0
New Vehicle Loans	3.340	40	627,988
Used Vehicle Loans	5.190	366	2,584,773
Total 1st Mortgage Real Estate Loans/Lines of Credit	3.470	4	219,627
Total Other Real Estate Loans/Lines of Credit	0.000	0	0
Leases Receivable	0.000	0	0
Total All Other Loans/Lines of Credit	8.190	125	737,542
TOTAL LOANS & LEASES		764	4,535,533

Torch Lake Federal Credit Union Real Estate Loans and Lines of Credit

REAL STATE LOANS FIRST MORTGAGE

No. of Loans Outstanding

Amt of Loans Outstanding

No. of Loans Granted Year- to-Date

Amount Granted Year-To-Date

Fixed Rate
a. > 15 years	2	130,333	0	0
b. 15 Years or less	2	89,294	0	0
Balloon/Hybrid
a. > 15 years	0	0	0	0
b. 15 Years or less	0	0	0	0
Other Fixed Rate	0	0	0	0
Adjustable Rate 1 yr or less	0	0	0	0
Adjustable Rate > 1 yr	0	0	0	0

OTHER REAL ESTATE

Closed-End Fixed Rate	0	0	0	0
Closed-End Adjustable Rate	0	0	0	0
Open-End Adjustable Rate	0	0	0	0
Open-End Fixed Rate	0	0	0	0
TOTALS	4	219,627	0	0

MISCELLANEOUS REAL ESTATE LOANS/LINES OF CREDIT INFORMATION

Interest Only & Payment Option 1st Mortgage Loans	0	0		0
Interest Only & Payment Option Other RE/LOC Loans	0	0		0
REVERSE MORTGAGES
a. Federally Insured Home Equity Conversion Mortgage (HECM)	0	0	0	0
b. Proprietary Reverse Mortgage Products	0	0	0	0

Torch Lake Federal Credit Union Member Offerings

First Time Homebuyer Program	No
Real Estate Loans	No
Pay Day Lending	No
Share Secured Credit Cards	No
Overdraft Protection/Courtesy Pay	No
Overdraft Lines of Credit	No
ATM/Debit Card Program	Yes
Interest Only and Payment Option 1st Mortgage Loans	No
Check Cashing	No
Money Orders	No
No Surcharge ATMs	Yes
Home Banking Via Internet Website	Yes