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MASSACHUSETTS FAMILY CREDIT UNION

Mar, 31, 2021 — MASSACHUSETTS FAMILY CREDIT UNION is a federal credit union headquartered in LYNN, MA with 1 branch location and about $26.25 million in total assets. Opened 95 years ago in 1926, MASSACHUSETTS FAMILY CREDIT UNION has about 1,403 members and employs 3 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)
PO BOX 615
LYNN, MA 01903
Phone:(781) 592-6051
Fax:(781) 592-6162
Website:http://www.massfamilycu.com
Branches:1 branch locations
Members:1,403
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, 2020
FHLB Member:Yes
Low Income Designation:No
Assets:$26,248,426
CEO/Manager:cornelius j crean
Chairperson:richard coppinger

Call Report

  • Overdraft Lines of Credit
  • Real Estate Loans
  • ATM/Debit Card Program
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 4,549,110
TOTAL INVESTMENTS 3,135,661
Loans Held for Sale 0
 
 Real Estate Loans 14,076,270
 Unsecured Loans 1,634,277
 Other Loans 2,661,692
 TOTAL LOANS 18,372,239
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -162,309
 Land And Building 0
 Other Fixed Assets 26,577
 NCUSIF Deposit 176,839
 All Other Assets 150,309
  TOTAL ASSETS 26,248,426
LIABILITIES & CAPITAL:  
 Dividends Payable 10,596
 Notes & Interest Payable 750,000
 Accounts Payable & Other Liabilities 93,949
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 1,752,238
 Regular shares 3,442,618
 All Other Shares & Deposits 16,157,709
  TOTAL SHARES & DEPOSITS 21,352,565
  TOTAL LIABILITIES 22,207,110
 Regular Reserve 295,000
 Other Reserves 0
 Undivided Earnings 3,746,316
  TOTAL EQUITY 4,041,316
  TOTAL LIABILITIES, SHARES, & EQUITY 26,248,426
INCOME & EXPENSE  
 Loan Income 218,801
 Investment Income 12,993
 Other Income 7,094
 Total Employee Compensation & Benefits 91,183
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 60,013
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 500
 Cost of Funds 71,226
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 16,205
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