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SOMERSET FEDERAL CREDIT UNION

Dec, 31, 2020 — SOMERSET FEDERAL CREDIT UNION is a federal credit union headquartered in Somerset, MA with 1 branch location and about $177.67 million in total assets. Opened 85 years ago in 1936, SOMERSET FEDERAL CREDIT UNION has about 11,019 members and employs 31 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: 211385572
Name:SOMERSET FEDERAL CREDIT UNION
Address:
(Main Office)
740 County Street
Somerset, MA 02726
Phone:(508) 678-2851
Fax:(508) 646-9903
Website:http://www.somersetfcu.com
Branches:1 branch locations
Members:11,019
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:Sep 01, 2020
FHLB Member:Yes
Low Income Designation:No
Assets:$177,671,423
CEO/Manager:Joseph Lajoie
Chairperson:Michael Rezendes

Call Report

  • Commercial Loans
  • Credit Builder
  • Overdraft Protection
  • Real Estate Loans
  • Risk Based Loans
  • ATM/Debit Card Program
  • Commercial Share Accounts
  • Check Cashing
  • First Time Homebuyer Program
  • International Remittances
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 15,083,903
TOTAL INVESTMENTS 59,612,534
Loans Held for Sale 0
 
 Real Estate Loans 88,665,428
 Unsecured Loans 3,244,418
 Other Loans 7,074,994
 TOTAL LOANS 98,984,840
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -129,253
 Land And Building 1,817,846
 Other Fixed Assets 95,214
 NCUSIF Deposit 1,366,059
 All Other Assets 840,280
  TOTAL ASSETS 177,671,423
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 3,500,000
 Accounts Payable & Other Liabilities 586,400
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 34,631,597
 Regular shares 56,076,068
 All Other Shares & Deposits 59,567,400
  TOTAL SHARES & DEPOSITS 150,275,065
  TOTAL LIABILITIES 154,361,465
 Regular Reserve 3,600,000
 Other Reserves 1,233,089
 Undivided Earnings 18,476,869
  TOTAL EQUITY 23,309,958
  TOTAL LIABILITIES, SHARES, & EQUITY 177,671,423
INCOME & EXPENSE  
 Loan Income 4,028,672
 Investment Income 924,700
 Other Income 665,162
 Total Employee Compensation & Benefits 2,372,361
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 2,244,941
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 27,663
 Cost of Funds 514,819
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 458,750
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