Dec, 31, 2023 — CHELSEA EMPLOYEES FEDERAL CREDIT UNION is a federal credit union headquartered in CHELSEA, MA with 1 branch location and about $20.66 million in total assets. Opened 89 years ago in 1935, CHELSEA EMPLOYEES FEDERAL CREDIT UNION has about 2,240 members and employs 4 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | CHELSEA EMPLOYEES FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 500 Broadway # 205 CHELSEA, MA 02150-2948 |
| Phone: | (617) 884-3599 |
| Fax: | (617) 889-6740 |
| Website: | https://www.chelseaefcu.org |
| Branches: | 1 branch locations |
| Members: | 2,240 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 851 |
|---|---|
| Membership Type: | Multiple common bond - Primarily federal, state, local government |
| Corporate Credit Union: | No |
| Year Opened: | 1935 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $20,658,786 |
| CEO/Manager: | Bruce S Black |
| Chairperson: | Patrice Montefusco |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 592,697 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 3,808,973 |
| Unsecured Loans | 1,156,599 |
| Other Loans | 8,606,378 |
| TOTAL LOANS | 13,571,950 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -21,314 |
| Land And Building | 0 |
| Other Fixed Assets | 3,065 |
| NCUSIF Deposit | 192,172 |
| All Other Assets | 23,747 |
| TOTAL ASSETS | 20,658,786 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 3,743 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 42,752 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 2,913,452 |
| Regular shares | 12,951,191 |
| All Other Shares & Deposits | 3,257,364 |
| TOTAL SHARES & DEPOSITS | 19,122,007 |
| TOTAL LIABILITIES | 19,168,502 |
| Regular Reserve | 0 |
| Other Reserves | 204,596 |
| Undivided Earnings | 1,285,688 |
| TOTAL EQUITY | 1,490,284 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 20,658,786 |
| INCOME & EXPENSE | |
| Loan Income | 678,532 |
| Investment Income | 125,379 |
| Other Income | 25,627 |
| Total Employee Compensation & Benefits | 368,029 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 241,999 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 12,361 |
| Cost of Funds | 100,428 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 201,362 |
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