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MILLS42 FEDERAL CREDIT UNION

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.


ABA Routing Number: 211381592
Name:MILLS42 FEDERAL CREDIT UNION
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
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

Call Report

  • Credit Builder
  • First Time Homebuyer Program
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
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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