Sep, 30, 2025 — MILLS42 FEDERAL CREDIT UNION is a federal credit union headquartered in LOWELL, MA with 2 branch locations and about $30.46 million in total assets. Opened 68 years ago in 1958, MILLS42 FEDERAL CREDIT UNION has about 2,967 members and employs 7 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 |
|---|---|
| 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: | 2,967 |
| 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, 2024 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $30,456,292 |
| CEO/Manager: | Derek Cronin |
| Chairperson: | Amy Fellows |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 5,524,294 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 13,700,213 |
| Unsecured Loans | 1,541,185 |
| Other Loans | 5,298,351 |
| TOTAL LOANS | 20,539,749 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -59,779 |
| Land And Building | 0 |
| Other Fixed Assets | 130,683 |
| NCUSIF (National Credit Union Share Insurance Fund) Deposit | 238,796 |
| All Other Assets | 0 |
| TOTAL ASSETS | 30,456,292 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 280,631 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 4,870,790 |
| Regular shares | 6,301,594 |
| All Other Shares & Deposits | 15,468,140 |
| TOTAL SHARES & DEPOSITS | 26,640,524 |
| TOTAL LIABILITIES | 26,921,155 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 3,535,137 |
| TOTAL EQUITY | 3,535,137 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 30,456,292 |
| INCOME & EXPENSE | |
| Loan Income | 997,246 |
| Investment Income | 264,775 |
| Other Income | 97,604 |
| Total Employee Compensation & Benefits | 411,744 |
| NCUSIF (National Credit Union Share Insurance Fund) Premiums Expense | 0 |
| Total Other Operating Expenses | 484,135 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 15,990 |
| Cost of Funds | 432,936 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 224,383 |
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