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MILLS42 FEDERAL CREDIT UNION

Mar, 31, 2021 — MILLS42 FEDERAL CREDIT UNION is a federal credit union headquartered in LOWELL, MA with 2 branch locations and about $27.73 million in total assets. Opened 63 years ago in 1958, MILLS42 FEDERAL CREDIT UNION has about 2,960 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.


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:http://www.mills42fcu.com
Branches:2 branch locations
Members:2,960
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, 2020
FHLB Member:Yes
Low Income Designation:No
Assets:$27,729,429
CEO/Manager:Derek Cronin
Chairperson:Amy Fellows

Call Report

  • Credit Builder
  • Micro Consumer Loans
  • Overdraft Lines of Credit
  • Overdraft Protection
  • Real Estate Loans
  • Risk Based Loans
  • Share Secured Credit Cards
  • ATM/Debit Card Program
  • Commercial Share Accounts
  • First Time Homebuyer Program
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 7,025,245
TOTAL INVESTMENTS 3,856,951
Loans Held for Sale 0
 
 Real Estate Loans 8,696,643
 Unsecured Loans 1,883,959
 Other Loans 6,005,355
 TOTAL LOANS 16,585,957
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -47,483
 Land And Building 0
 Other Fixed Assets 27,962
 NCUSIF Deposit 180,495
 All Other Assets 100,302
  TOTAL ASSETS 27,729,429
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 750,000
 Accounts Payable & Other Liabilities 316,269
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 5,700,243
 Regular shares 8,273,007
 All Other Shares & Deposits 10,088,986
  TOTAL SHARES & DEPOSITS 24,062,236
  TOTAL LIABILITIES 25,128,505
 Regular Reserve 461,313
 Other Reserves 0
 Undivided Earnings 2,139,611
  TOTAL EQUITY 2,600,924
  TOTAL LIABILITIES, SHARES, & EQUITY 27,729,429
INCOME & EXPENSE  
 Loan Income 198,985
 Investment Income 7,172
 Other Income 31,906
 Total Employee Compensation & Benefits 183,149
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 134,159
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 0
 Cost of Funds 38,096
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 43,522
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