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DANVERS MUNICIPAL FEDERAL CREDIT UNION

Mar, 31, 2021 — DANVERS MUNICIPAL FEDERAL CREDIT UNION is a federal credit union headquartered in Danvers, MA with 1 branch location and about $8.68 million in total assets. Opened 60 years ago in 1961, DANVERS MUNICIPAL FEDERAL CREDIT UNION has about 1,170 members and employs 3 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


Name:DANVERS MUNICIPAL FEDERAL CREDIT UNION
Address:
(Main Office)
1 Sylvan St.
Danvers, MA 01923 2790
Phone:(978) 777-0001
Fax:
Website:http://wwwdanversmfcu.com
Branches:1 branch locations
Members:1,170
Credit Union Type:Federal Credit Union
Charter Number:14191
Membership Type:Federal, State, Local Government
Corporate Credit Union:No
Year Opened:1961
Last Audited:Sep 01, 2020
FHLB Member:No
Low Income Designation:No
Assets:$8,677,386
CEO/Manager:Joseph L Collins
Chairperson:Mark C Hannon

Call Report

  • Payday Alternative Loans (PAL Loans)
  • Check Cashing

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 1,342,244
TOTAL INVESTMENTS 3,794,715
Loans Held for Sale 0
 
 Real Estate Loans 0
 Unsecured Loans 165,982
 Other Loans 3,310,405
 TOTAL LOANS 3,476,387
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -5,000
 Land And Building 0
 Other Fixed Assets 10,918
 NCUSIF Deposit 49,203
 All Other Assets 8,919
  TOTAL ASSETS 8,677,386
LIABILITIES & CAPITAL:  
 Dividends Payable 17,786
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 2,893
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 0
 Regular shares 5,890,228
 All Other Shares & Deposits 0
  TOTAL SHARES & DEPOSITS 5,890,228
  TOTAL LIABILITIES 5,910,907
 Regular Reserve 247,357
 Other Reserves 0
 Undivided Earnings 2,519,122
  TOTAL EQUITY 2,766,479
  TOTAL LIABILITIES, SHARES, & EQUITY 8,677,386
INCOME & EXPENSE  
 Loan Income 28,447
 Investment Income 6,762
 Other Income 0
 Total Employee Compensation & Benefits 25,044
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 14,214
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 0
 Cost of Funds 1,273
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) -5,209
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