Dec, 31, 2023 — MILLS42 FEDERAL CREDIT UNION is a federal credit union headquartered in LOWELL, MA with 2 branch locations and about $26.72 million in total assets. Opened 66 years ago in 1958, MILLS42 FEDERAL CREDIT UNION has about 2,938 members and employs 9 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | MILLS42 FEDERAL CREDIT UNION |
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Address: (Main Office) | 83 Merrimack St LOWELL, MA 01852 |
Phone: | (978) 328-5100 |
Fax: | (978) 458-8933 |
Website: | https://www.mills42fcu.com |
Branches: | 2 branch locations |
Members: | 2,938 |
Credit Union Type: | Federal Credit Union |
Charter Number: | 12666 |
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Membership Type: | Multiple common bond - Primarily machinery |
Corporate Credit Union: | No |
Year Opened: | 1958 |
Last Audited: | Sep 01, 2022 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $26,715,523 |
CEO/Manager: | Derek Cronin |
Chairperson: | Amy Fellows |
ASSETS: | $ Amount |
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Cash & Equivalents | 3,054,169 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 13,123,328 |
Unsecured Loans | 1,749,772 |
Other Loans | 6,512,894 |
TOTAL LOANS | 21,385,994 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -50,898 |
Land And Building | 0 |
Other Fixed Assets | 212,921 |
NCUSIF Deposit | 219,727 |
All Other Assets | 2,800 |
TOTAL ASSETS | 26,715,523 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 0 |
Notes & Interest Payable | 750,000 |
Accounts Payable & Other Liabilities | 497,384 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 4,393,048 |
Regular shares | 5,760,981 |
All Other Shares & Deposits | 12,229,491 |
TOTAL SHARES & DEPOSITS | 22,383,520 |
TOTAL LIABILITIES | 23,630,904 |
Regular Reserve | 0 |
Other Reserves | 0 |
Undivided Earnings | 3,084,619 |
TOTAL EQUITY | 3,084,619 |
TOTAL LIABILITIES, SHARES, & EQUITY | 26,715,523 |
INCOME & EXPENSE | |
Loan Income | 1,116,709 |
Investment Income | 137,575 |
Other Income | 127,981 |
Total Employee Compensation & Benefits | 517,214 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 610,303 |
Non-operating Income & (Expense) | -70 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 31,581 |
Cost of Funds | 313,933 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 190,240 |
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