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IC FEDERAL CREDIT UNION

Dec, 31, 2023 — IC FEDERAL CREDIT UNION is a federal credit union headquartered in FITCHBURG, MA with 8 branch locations and about $618.82 million in total assets. Opened 90 years ago in 1934, IC FEDERAL CREDIT UNION has about 37,185 members and employs 126 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


ABA Routing Number: 211382850
Name:IC FEDERAL CREDIT UNION
Address:
(Main Office)
300 Bemis Rd
FITCHBURG, MA 01420
Phone:(978) 343-3725
Fax:(978) 348-1457
Website:https://www.iccreditunion.org
Branches:8 branch locations
Members:37,185
Credit Union Type:Federal Credit Union
Charter Number:24250
Membership Type:Community credit unions, urban or rural, other than those designated 'low income'
Corporate Credit Union:No
Year Opened:1934
Last Audited:Dec 01, 2022
FHLB Member:Yes
Low Income Designation:No
Assets:$618,816,523
CEO/Manager:Christopher P Hendry
Chairperson:Norman P Gariepy

Call Report

  • First Time Homebuyer Program
  • International Remittances

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 22,621,277
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 271,551,529
 Unsecured Loans 4,392,985
 Other Loans 234,157,274
 TOTAL LOANS 510,101,787
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -6,045,472
 Land And Building 2,440,398
 Other Fixed Assets 4,474,889
 NCUSIF Deposit 5,117,524
 All Other Assets 312,271
  TOTAL ASSETS 618,816,523
LIABILITIES & CAPITAL:  
 Dividends Payable 68,051
 Notes & Interest Payable 60,000,000
 Accounts Payable & Other Liabilities 6,275,542
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 163,836,994
 Regular shares 185,141,650
 All Other Shares & Deposits 158,995,912
  TOTAL SHARES & DEPOSITS 507,974,556
  TOTAL LIABILITIES 574,318,149
 Regular Reserve 0
 Other Reserves -18,883,573
 Undivided Earnings 63,381,947
  TOTAL EQUITY 44,498,374
  TOTAL LIABILITIES, SHARES, & EQUITY 618,816,523
INCOME & EXPENSE  
 Loan Income 23,419,328
 Investment Income 2,072,116
 Other Income 1,615,332
 Total Employee Compensation & Benefits 10,081,534
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 10,998,153
 Non-operating Income & (Expense) -310,911
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 2,368,156
 Cost of Funds 7,656,854
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) -1,978,076
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