Dec, 31, 2023 — LOWELL MUNICIPAL EMPLOYEES FEDERAL CREDIT UNION is a federal credit union headquartered in LOWELL, MA with 1 branch location and about $7.35 million in total assets. Opened 87 years ago in 1937, LOWELL MUNICIPAL EMPLOYEES FEDERAL CREDIT UNION has about 1,187 members and employs 3 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | LOWELL MUNICIPAL EMPLOYEES FEDERAL CREDIT UNION |
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Address: (Main Office) | 375 Merrimack St LOWELL, MA 01852-5909 |
Phone: | (978) 970-4088 |
Fax: | (978) 446-7022 |
Website: | https://lmefcu.net |
Branches: | 1 branch locations |
Members: | 1,187 |
Credit Union Type: | Federal Credit Union |
Charter Number: | 2065 |
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Membership Type: | Federal, State, Local Government |
Corporate Credit Union: | No |
Year Opened: | 1937 |
Last Audited: | Dec 01, 2023 |
FHLB Member: | No |
Low Income Designation: | No |
Assets: | $7,349,457 |
CEO/Manager: | Joseph L Schiappa |
Chairperson: | Matt Sandelli |
ASSETS: | $ Amount |
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Cash & Equivalents | 1,012,776 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 0 |
Unsecured Loans | 1,373,428 |
Other Loans | 4,053,821 |
TOTAL LOANS | 5,427,249 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -23,458 |
Land And Building | 0 |
Other Fixed Assets | 15,501 |
NCUSIF Deposit | 64,180 |
All Other Assets | 0 |
TOTAL ASSETS | 7,349,457 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 89 |
Notes & Interest Payable | 0 |
Accounts Payable & Other Liabilities | 18,121 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 140,949 |
Regular shares | 5,622,007 |
All Other Shares & Deposits | 1,028,284 |
TOTAL SHARES & DEPOSITS | 6,791,241 |
TOTAL LIABILITIES | 6,809,451 |
Regular Reserve | 0 |
Other Reserves | 91,796 |
Undivided Earnings | 448,210 |
TOTAL EQUITY | 540,006 |
TOTAL LIABILITIES, SHARES, & EQUITY | 7,349,457 |
INCOME & EXPENSE | |
Loan Income | 259,515 |
Investment Income | 38,063 |
Other Income | 9,276 |
Total Employee Compensation & Benefits | 104,949 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 148,033 |
Non-operating Income & (Expense) | 0 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 8,209 |
Cost of Funds | 20,010 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 25,653 |
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