Dec, 31, 2023 — WELLESLEY MUNICIPAL EMPLOYEES FEDERAL CREDIT UNION is a federal credit union headquartered in WELLESLEY, MA with 0 branch location and about $29.06 million in total assets. Opened 69 years ago in 1955, WELLESLEY MUNICIPAL EMPLOYEES FEDERAL CREDIT UNION has about 1,581 members and employs 5 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | WELLESLEY MUNICIPAL EMPLOYEES FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 1 HOLLIS ST Ste 105 WELLESLEY, MA 02482-4686 |
| Phone: | (781) 235-0503 |
| Fax: | (781) 431-0733 |
| Website: | https://www.wellesleymunefcu.com |
| Branches: | 0 branch locations |
| Members: | 1,581 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 10623 |
|---|---|
| Membership Type: | Multiple common bond - Primarily federal, state, local government |
| Corporate Credit Union: | No |
| Year Opened: | 1955 |
| Last Audited: | Apr 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $29,062,219 |
| CEO/Manager: | Doreen M Peterson |
| Chairperson: | Jeanne T McGrath |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 2,242,813 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 4,624,013 |
| Unsecured Loans | 755,336 |
| Other Loans | 3,479,715 |
| TOTAL LOANS | 8,859,064 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -24,005 |
| Land And Building | 0 |
| Other Fixed Assets | 3,642 |
| NCUSIF Deposit | 287,268 |
| All Other Assets | 0 |
| TOTAL ASSETS | 29,062,219 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 16,984 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 1,651 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 1,313,358 |
| Regular shares | 7,906,659 |
| All Other Shares & Deposits | 17,098,099 |
| TOTAL SHARES & DEPOSITS | 26,318,116 |
| TOTAL LIABILITIES | 26,336,751 |
| Regular Reserve | 0 |
| Other Reserves | 436,482 |
| Undivided Earnings | 2,288,986 |
| TOTAL EQUITY | 2,725,468 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 29,062,219 |
| INCOME & EXPENSE | |
| Loan Income | 389,607 |
| Investment Income | 559,768 |
| Other Income | 8,680 |
| Total Employee Compensation & Benefits | 321,503 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 228,053 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 6,000 |
| Cost of Funds | 172,926 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 230,381 |
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