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IC FEDERAL CREDIT UNION

Mar, 31, 2021 — IC FEDERAL CREDIT UNION is a federal credit union headquartered in FITCHBURG, MA with 8 branch locations and about $583.48 million in total assets. Opened 87 years ago in 1934, IC FEDERAL CREDIT UNION has about 33,729 members and employs 111 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: 211382850
Name:IC FEDERAL CREDIT UNION
Address:
(Main Office)
300 BEMIS RD
FITCHBURG, MA 01420
Phone:(978) 343-3725
Fax:(978) 348-1457
Website:http://www.iccreditunion.org
Branches:8 branch locations
Members:33,729
Credit Union Type:Federal Credit Union
Charter Number:24250
Membership Type:Community credit unions, urban or rural, other than those designated 'low income'
Corporate Credit Union:No
Year Opened:1934
Last Audited:Dec 01, 2019
FHLB Member:Yes
Low Income Designation:No
Assets:$583,481,980
CEO/Manager:Christopher P Hendry
Chairperson:Norman P Gariepy

Call Report

  • Commercial Loans
  • Credit Builder
  • Direct Financing Leases
  • Indirect Consumer Loans
  • Interest Only or Payment Option 1st Mortgage Loans
  • Micro Consumer Loans
  • Overdraft Lines of Credit
  • Overdraft Protection
  • Participation Loans
  • Real Estate Loans
  • Risk Based Loans
  • Share Secured Credit Cards
  • ATM/Debit Card Program
  • Commercial Share Accounts
  • Check Cashing
  • First Time Homebuyer Program
  • Insurance/Investment Sales
  • International Remittances

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 76,744,610
TOTAL INVESTMENTS 147,879,910
Loans Held for Sale 0
 
 Real Estate Loans 213,145,354
 Unsecured Loans 8,270,637
 Other Loans 126,220,768
 TOTAL LOANS 347,636,759
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -3,335,974
 Land And Building 2,602,154
 Other Fixed Assets 1,965,885
 NCUSIF Deposit 4,344,082
 All Other Assets 5,644,554
  TOTAL ASSETS 583,481,980
LIABILITIES & CAPITAL:  
 Dividends Payable 11,873
 Notes & Interest Payable 1,764,000
 Accounts Payable & Other Liabilities 4,982,373
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 171,609,765
 Regular shares 205,604,238
 All Other Shares & Deposits 137,107,482
  TOTAL SHARES & DEPOSITS 514,321,485
  TOTAL LIABILITIES 521,079,731
 Regular Reserve 5,626,956
 Other Reserves -3,771,761
 Undivided Earnings 60,547,054
  TOTAL EQUITY 62,402,249
  TOTAL LIABILITIES, SHARES, & EQUITY 583,481,980
INCOME & EXPENSE  
 Loan Income 3,580,479
 Investment Income 484,534
 Other Income 288,412
 Total Employee Compensation & Benefits 2,068,365
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 2,297,677
 Non-operating Income & (Expense) 2,353
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 162,501
 Cost of Funds 410,540
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) -12,840
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