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THE ANDOVERS FEDERAL CREDIT UNION

Dec, 31, 2020 — THE ANDOVERS FEDERAL CREDIT UNION is a federal credit union headquartered in ANDOVER, MA with 3 branch locations and about $36.56 million in total assets. Opened 57 years ago in 1964, THE ANDOVERS FEDERAL CREDIT UNION has about 2,421 members and employs 6 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


Name:THE ANDOVERS FEDERAL CREDIT UNION
Address:
(Main Office)
19C LUPINE RD
ANDOVER, MA 01810-3909
Phone:(978) 475-6133
Fax:(978) 475-6225
Website:http://www.andoverfcu.com
Branches:3 branch locations
Members:2,421
Credit Union Type:Federal Credit Union
Charter Number:16067
Membership Type:Multiple common bond - Primarily federal, state, local government
Corporate Credit Union:No
Year Opened:1964
Last Audited:Dec 01, 2019
FHLB Member:No
Low Income Designation:No
Assets:$36,563,597
CEO/Manager:Lisa M Morelli
Chairperson:Brian Pattullo

Call Report

  • Overdraft Lines of Credit
  • Real Estate Loans
  • ATM/Debit Card Program
  • Check Cashing
  • In-School Branches
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 8,834,677
TOTAL INVESTMENTS 19,711,027
Loans Held for Sale 0
 
 Real Estate Loans 4,040,583
 Unsecured Loans 1,883,827
 Other Loans 1,580,441
 TOTAL LOANS 7,504,851
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -206,370
 Land And Building 287,192
 Other Fixed Assets 94,863
 NCUSIF Deposit 269,573
 All Other Assets 67,784
  TOTAL ASSETS 36,563,597
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 56,977
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 3,363,353
 Regular shares 12,986,419
 All Other Shares & Deposits 16,341,967
  TOTAL SHARES & DEPOSITS 32,691,739
  TOTAL LIABILITIES 32,748,716
 Regular Reserve 540,699
 Other Reserves 0
 Undivided Earnings 3,274,182
  TOTAL EQUITY 3,814,881
  TOTAL LIABILITIES, SHARES, & EQUITY 36,563,597
INCOME & EXPENSE  
 Loan Income 465,569
 Investment Income 415,495
 Other Income 101,603
 Total Employee Compensation & Benefits 320,131
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 381,484
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 19,000
 Cost of Funds 107,142
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 154,910
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