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GREATER SALEM EMPLOYEES FEDERAL CREDIT UNION

Mar, 31, 2021 — GREATER SALEM EMPLOYEES FEDERAL CREDIT UNION is a federal credit union headquartered in SALEM, MA with 0 branch location and about $16.64 million in total assets. Opened 81 years ago in 1940, GREATER SALEM EMPLOYEES FEDERAL CREDIT UNION has about 1,355 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:GREATER SALEM EMPLOYEES FEDERAL CREDIT UNION
Address:
(Main Office)
10 COLONIAL RD STE 1A
SALEM, MA 01970
Phone:(978) 745-9803
Fax:(978) 745-4116
Website:http://www.greatersalemfcu.org
Branches:0 branch locations
Members:1,355
Credit Union Type:Federal Credit Union
Charter Number:4201
Membership Type:Multiple common bond - Primarily federal, state, local government
Corporate Credit Union:No
Year Opened:1940
Last Audited:Jun 01, 2020
FHLB Member:No
Low Income Designation:No
Assets:$16,644,878
CEO/Manager:Judith A Zolla
Chairperson:Frank Kulik

Call Report

  • Real Estate Loans
  • ATM/Debit Card Program
  • Check Cashing
  • Insurance/Investment Sales
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 2,983,731
TOTAL INVESTMENTS 8,678,671
Loans Held for Sale 0
 
 Real Estate Loans 2,066,704
 Unsecured Loans 689,650
 Other Loans 1,783,475
 TOTAL LOANS 4,539,829
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -38,490
 Land And Building 77,551
 Other Fixed Assets 232,062
 NCUSIF Deposit 114,341
 All Other Assets 57,183
  TOTAL ASSETS 16,644,878
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 29,068
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 3,367,210
 Regular shares 8,836,820
 All Other Shares & Deposits 3,432,620
  TOTAL SHARES & DEPOSITS 15,636,650
  TOTAL LIABILITIES 15,665,718
 Regular Reserve 268,768
 Other Reserves 0
 Undivided Earnings 710,392
  TOTAL EQUITY 979,160
  TOTAL LIABILITIES, SHARES, & EQUITY 16,644,878
INCOME & EXPENSE  
 Loan Income 61,537
 Investment Income 26,615
 Other Income 5,785
 Total Employee Compensation & Benefits 40,971
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 58,422
 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 3,272
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) -9,986
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