Dec, 31, 2020 — DANVERS MUNICIPAL FEDERAL CREDIT UNION is a federal credit union headquartered in Danvers, MA with 1 branch location and about $8.41 million in total assets. Opened 60 years ago in 1961, DANVERS MUNICIPAL FEDERAL CREDIT UNION has about 1,166 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: | 1,166 |
| 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: | $8,411,567 |
| CEO/Manager: | Joseph L Collins |
| Chairperson: | Mark C Hannon |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 1,321,645 |
| TOTAL INVESTMENTS | 3,788,348 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 0 |
| Unsecured Loans | 169,271 |
| Other Loans | 3,072,094 |
| TOTAL LOANS | 3,241,365 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -5,000 |
| Land And Building | 0 |
| Other Fixed Assets | 0 |
| NCUSIF Deposit | 49,203 |
| All Other Assets | 16,006 |
| TOTAL ASSETS | 8,411,567 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 1,274 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 18,114 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 0 |
| Regular shares | 5,620,493 |
| All Other Shares & Deposits | 0 |
| TOTAL SHARES & DEPOSITS | 5,620,493 |
| TOTAL LIABILITIES | 5,639,881 |
| Regular Reserve | 247,357 |
| Other Reserves | 0 |
| Undivided Earnings | 2,524,329 |
| TOTAL EQUITY | 2,771,686 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 8,411,567 |
| INCOME & EXPENSE | |
| Loan Income | 111,942 |
| Investment Income | 47,648 |
| Other Income | 3,691 |
| Total Employee Compensation & Benefits | 110,699 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 47,549 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 0 |
| Cost of Funds | 4,800 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 233 |
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