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.
Name: | IC FEDERAL CREDIT UNION |
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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 |
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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 |
ASSETS: | $ Amount |
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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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