Dec, 31, 2023 — MASSACHUSETTS FAMILY CREDIT UNION is a federal credit union headquartered in LYNN, MA with 1 branch location and about $28.85 million in total assets. Opened 98 years ago in 1926, MASSACHUSETTS FAMILY CREDIT UNION has about 1,447 members and employs 4 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | MASSACHUSETTS FAMILY CREDIT UNION |
|---|---|
| Address: (Main Office) | 51 Willow St LYNN, MA 01901 |
| Phone: | (781) 592-6051 |
| Fax: | (781) 592-6162 |
| Website: | https://www.massfamilycu.com |
| Branches: | 1 branch locations |
| Members: | 1,447 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 24924 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1926 |
| Last Audited: | Sep 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $28,847,699 |
| CEO/Manager: | cornelius j crean |
| Chairperson: | richard coppinger |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 2,894,367 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 17,511,414 |
| Unsecured Loans | 1,954,091 |
| Other Loans | 5,049,929 |
| TOTAL LOANS | 24,515,434 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -164,916 |
| Land And Building | 0 |
| Other Fixed Assets | 2,778 |
| NCUSIF Deposit | 204,361 |
| All Other Assets | 0 |
| TOTAL ASSETS | 28,847,699 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 25,562 |
| Notes & Interest Payable | 2,500,000 |
| Accounts Payable & Other Liabilities | 221,026 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 1,223,585 |
| Regular shares | 2,777,897 |
| All Other Shares & Deposits | 17,547,712 |
| TOTAL SHARES & DEPOSITS | 21,549,195 |
| TOTAL LIABILITIES | 24,295,783 |
| Regular Reserve | 0 |
| Other Reserves | 295,000 |
| Undivided Earnings | 4,256,916 |
| TOTAL EQUITY | 4,551,916 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 28,847,699 |
| INCOME & EXPENSE | |
| Loan Income | 1,197,114 |
| Investment Income | 134,288 |
| Other Income | 22,773 |
| Total Employee Compensation & Benefits | 440,409 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 261,514 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 2,500 |
| Cost of Funds | 510,350 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 139,792 |
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