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CUMBERLAND MUNICIPAL EMPLOYEES FEDERAL CREDIT UNION

Dec, 31, 2023 — CUMBERLAND MUNICIPAL EMPLOYEES FEDERAL CREDIT UNION is a federal credit union headquartered in CUMBERLAND, RI with 1 branch location and about $8.67 million in total assets. Opened 62 years ago in 1962, CUMBERLAND MUNICIPAL EMPLOYEES FEDERAL CREDIT UNION has about 972 members offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


Name:CUMBERLAND MUNICIPAL EMPLOYEES FEDERAL CREDIT UNION
Address:
(Main Office)
2145 Diamond Hill Rd
CUMBERLAND, RI 02864-5135
Phone:(401) 658-0010
Fax:(401) 658-0099
Website:https://www.cumberlandcu.org
Branches:1 branch locations
Members:972
Credit Union Type:Federal Credit Union
Charter Number:24486
Membership Type:Multiple common bond - Primarily federal, state, local government
Corporate Credit Union:No
Year Opened:1962
Last Audited:Mar 01, 2023
FHLB Member:No
Low Income Designation:No
Assets:$8,673,345
CEO/Manager:Holly L Ayick
Chairperson:Geroge Stansfield

Call Report

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 715,651
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 0
 Unsecured Loans 382,348
 Other Loans 2,978,600
 TOTAL LOANS 3,360,948
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -522
 Land And Building 0
 Other Fixed Assets 116
 NCUSIF Deposit 58,914
 All Other Assets 0
  TOTAL ASSETS 8,673,345
LIABILITIES & CAPITAL:  
 Dividends Payable 30,324
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 19,760
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 0
 Regular shares 2,804,197
 All Other Shares & Deposits 4,178,489
  TOTAL SHARES & DEPOSITS 6,982,686
  TOTAL LIABILITIES 7,032,770
 Regular Reserve 0
 Other Reserves 393,330
 Undivided Earnings 1,247,245
  TOTAL EQUITY 1,640,575
  TOTAL LIABILITIES, SHARES, & EQUITY 8,673,345
INCOME & EXPENSE  
 Loan Income 168,818
 Investment Income 138,755
 Other Income 3,551
 Total Employee Compensation & Benefits 121,034
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 74,979
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense -10,000
 Cost of Funds 38,416
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 86,695
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