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SOMERVILLE SCHOOL EMPLOYEES FEDERAL CREDIT UNION

Jun, 30, 2021 — SOMERVILLE SCHOOL EMPLOYEES FEDERAL CREDIT UNION is a federal credit union headquartered in SOMERVILLE, MA with 1 branch location and about $27.27 million in total assets. Opened 82 years ago in 1939, SOMERVILLE SCHOOL EMPLOYEES FEDERAL CREDIT UNION has about 1,689 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:SOMERVILLE SCHOOL EMPLOYEES FEDERAL CREDIT UNION
Address:
(Main Office)
P.O. BOX 440053
SOMERVILLE, MA 02144
Phone:(617) 625-8411
Fax:(617) 623-2594
Website:http://ssefcu.org
Branches:1 branch locations
Members:1,689
Credit Union Type:Federal Credit Union
Charter Number:3475
Membership Type:Multiple common bond - Primarily educational
Corporate Credit Union:No
Year Opened:1939
Last Audited:Nov 01, 2020
FHLB Member:No
Low Income Designation:No
Assets:$27,267,838
CEO/Manager:Brenna Geanacopoulos
Chairperson:Paula J Gaffey

Call Report

  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 484,030
TOTAL INVESTMENTS 20,860,784
Loans Held for Sale 0
 
 Real Estate Loans 3,334,230
 Unsecured Loans 708,771
 Other Loans 1,080,694
 TOTAL LOANS 5,123,695
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -35,017
 Land And Building 541,770
 Other Fixed Assets 6,668
 NCUSIF Deposit 200,049
 All Other Assets 85,859
  TOTAL ASSETS 27,267,838
LIABILITIES & CAPITAL:  
 Dividends Payable 1,675
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 17,400
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 1,722,450
 Regular shares 12,100,831
 All Other Shares & Deposits 9,362,789
  TOTAL SHARES & DEPOSITS 23,186,070
  TOTAL LIABILITIES 23,205,145
 Regular Reserve 3,292,962
 Other Reserves 0
 Undivided Earnings 769,731
  TOTAL EQUITY 4,062,693
  TOTAL LIABILITIES, SHARES, & EQUITY 27,267,838
INCOME & EXPENSE  
 Loan Income 101,179
 Investment Income 91,821
 Other Income 1,629
 Total Employee Compensation & Benefits 124,582
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 120,522
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 1,500
 Cost of Funds 16,296
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) -68,271
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