Dec, 31, 2023 — SOMERSET FEDERAL CREDIT UNION is a federal credit union headquartered in SOMERSET, MA with 2 branch locations and about $235.77 million in total assets. Opened 88 years ago in 1936, SOMERSET FEDERAL CREDIT UNION has about 13,349 members and employs 35 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | SOMERSET FEDERAL CREDIT UNION |
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Address: (Main Office) | 740 County St SOMERSET, MA 02726 |
Phone: | (508) 678-2851 |
Fax: | (508) 646-9903 |
Website: | https://www.somersetfcu.com |
Branches: | 2 branch locations |
Members: | 13,349 |
Credit Union Type: | Federal Credit Union |
Charter Number: | 24239 |
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Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
Corporate Credit Union: | No |
Year Opened: | 1936 |
Last Audited: | Dec 01, 2022 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $235,767,635 |
CEO/Manager: | Joseph Lajoie |
Chairperson: | Michael Rezendes |
ASSETS: | $ Amount |
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Cash & Equivalents | 7,220,403 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 117,622,994 |
Unsecured Loans | 3,385,443 |
Other Loans | 24,423,191 |
TOTAL LOANS | 145,431,629 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -319,218 |
Land And Building | 2,211,156 |
Other Fixed Assets | 266,025 |
NCUSIF Deposit | 1,949,219 |
All Other Assets | 229,754 |
TOTAL ASSETS | 235,767,635 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 0 |
Notes & Interest Payable | 11,300,000 |
Accounts Payable & Other Liabilities | 1,017,496 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 41,956,852 |
Regular shares | 69,314,065 |
All Other Shares & Deposits | 88,807,731 |
TOTAL SHARES & DEPOSITS | 200,078,648 |
TOTAL LIABILITIES | 212,396,144 |
Regular Reserve | 0 |
Other Reserves | 1,796,908 |
Undivided Earnings | 21,574,583 |
TOTAL EQUITY | 23,371,491 |
TOTAL LIABILITIES, SHARES, & EQUITY | 235,767,635 |
INCOME & EXPENSE | |
Loan Income | 5,647,980 |
Investment Income | 2,708,205 |
Other Income | 539,426 |
Total Employee Compensation & Benefits | 3,080,827 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 2,934,926 |
Non-operating Income & (Expense) | 172,390 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 32,062 |
Cost of Funds | 1,825,731 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 1,662,506 |
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