Dec, 31, 2023 — WEBSTER FIRST FEDERAL CREDIT UNION is a federal credit union headquartered in WORCESTER, MA with 14 branch locations and about $1.47 billion in total assets. Opened 90 years ago in 1934, WEBSTER FIRST FEDERAL CREDIT UNION has about 90,858 members and employs 216 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | WEBSTER FIRST FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 271 Greenwood St WORCESTER, MA 01607 |
| Phone: | (800) 962-4452 |
| Fax: | |
| Website: | https://www.websterfirst.com |
| Branches: | 14 branch locations |
| Members: | 90,858 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 24557 |
|---|---|
| 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, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $1,470,033,210 |
| CEO/Manager: | Michael N Lussier |
| Chairperson: | Christopher P Daoust |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 42,376,446 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 803,409,966 |
| Unsecured Loans | 47,682,091 |
| Other Loans | 290,137,646 |
| TOTAL LOANS | 1,141,439,703 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -6,931,369 |
| Land And Building | 20,760,055 |
| Other Fixed Assets | 1,881,729 |
| NCUSIF Deposit | 9,462,678 |
| All Other Assets | 420,133 |
| TOTAL ASSETS | 1,470,033,210 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 200,000,000 |
| Accounts Payable & Other Liabilities | 20,827,172 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 287,657,076 |
| Regular shares | 360,180,521 |
| All Other Shares & Deposits | 368,473,105 |
| TOTAL SHARES & DEPOSITS | 1,016,310,702 |
| TOTAL LIABILITIES | 1,237,137,874 |
| Regular Reserve | 0 |
| Other Reserves | 5,606,916 |
| Undivided Earnings | 227,288,420 |
| TOTAL EQUITY | 232,895,336 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 1,470,033,210 |
| INCOME & EXPENSE | |
| Loan Income | 48,356,879 |
| Investment Income | 4,545,709 |
| Other Income | 7,277,248 |
| Total Employee Compensation & Benefits | 17,311,401 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 13,653,195 |
| Non-operating Income & (Expense) | -259,388 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 1,407,674 |
| Cost of Funds | 14,184,964 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 14,760,969 |
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