Sep, 30, 2025 — SOMERSET FEDERAL CREDIT UNION is a federal credit union headquartered in SOMERSET, MA with 2 branch locations and about $249.61 million in total assets. Opened 90 years ago in 1936, SOMERSET FEDERAL CREDIT UNION has about 11,586 members and employs 38 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | SOMERSET FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 740 County St SOMERSET, MA 02726 |
| Phone: | (508) 678-2851 |
| Fax: | (508) 646-9903 |
| Website: | https://www.somersetfcu.com |
| Branches: | 2 branch locations |
| Members: | 11,586 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 24239 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1936 |
| Last Audited: | Dec 01, 2024 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $249,609,653 |
| CEO/Manager: | Joseph Lajoie |
| Chairperson: | Brian Murphy |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 8,321,937 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 125,159,371 |
| Unsecured Loans | 2,850,599 |
| Other Loans | 37,810,343 |
| TOTAL LOANS | 165,820,314 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -293,588 |
| Land And Building | 2,099,006 |
| Other Fixed Assets | 518,817 |
| NCUSIF (National Credit Union Share Insurance Fund) Deposit | 1,981,691 |
| All Other Assets | 0 |
| TOTAL ASSETS | 249,609,653 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 5,000,000 |
| Accounts Payable & Other Liabilities | 1,060,739 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 44,699,122 |
| Regular shares | 74,080,223 |
| All Other Shares & Deposits | 96,614,483 |
| TOTAL SHARES & DEPOSITS | 215,393,829 |
| TOTAL LIABILITIES | 221,454,568 |
| Regular Reserve | 0 |
| Other Reserves | 205,592 |
| Undivided Earnings | 27,949,493 |
| TOTAL EQUITY | 28,155,085 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 249,609,653 |
| INCOME & EXPENSE | |
| Loan Income | 5,502,807 |
| Investment Income | 1,417,250 |
| Other Income | 517,754 |
| Total Employee Compensation & Benefits | 2,671,961 |
| NCUSIF (National Credit Union Share Insurance Fund) Premiums Expense | 0 |
| Total Other Operating Expenses | 2,310,618 |
| Non-operating Income & (Expense) | 202,627 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 7,900 |
| Cost of Funds | 2,008,812 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,183,136 |
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