Dec, 31, 2023 — SOMERVILLE MUNICIPAL FEDERAL CREDIT UNION is a federal credit union headquartered in SOMERVILLE, MA with 1 branch location and about $48.49 million in total assets. Opened 83 years ago in 1941, SOMERVILLE MUNICIPAL FEDERAL CREDIT UNION has about 2,194 members and employs 6 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 MUNICIPAL FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 236 Holland St SOMERVILLE, MA 02144 |
| Phone: | (617) 625-0898 |
| Fax: | (617) 625-0364 |
| Website: | https://www.sommfcu.com |
| Branches: | 1 branch locations |
| Members: | 2,194 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 4524 |
|---|---|
| Membership Type: | Multiple common bond - Primarily federal, state, local government |
| Corporate Credit Union: | No |
| Year Opened: | 1941 |
| Last Audited: | Sep 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $48,489,686 |
| CEO/Manager: | Roland J Draper |
| Chairperson: | Stephen Burgess |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 4,505,474 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 20,395,461 |
| Unsecured Loans | 3,634,311 |
| Other Loans | 3,057,828 |
| TOTAL LOANS | 27,087,600 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -315,234 |
| Land And Building | 397,057 |
| Other Fixed Assets | 47,841 |
| NCUSIF Deposit | 413,057 |
| All Other Assets | 0 |
| TOTAL ASSETS | 48,489,686 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 194,490 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 5,876,648 |
| Regular shares | 15,063,733 |
| All Other Shares & Deposits | 19,467,538 |
| TOTAL SHARES & DEPOSITS | 40,407,918 |
| TOTAL LIABILITIES | 40,602,408 |
| Regular Reserve | 0 |
| Other Reserves | 788,437 |
| Undivided Earnings | 7,098,841 |
| TOTAL EQUITY | 7,887,278 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 48,489,686 |
| INCOME & EXPENSE | |
| Loan Income | 1,213,790 |
| Investment Income | 605,269 |
| Other Income | 105,468 |
| Total Employee Compensation & Benefits | 679,371 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 550,281 |
| Non-operating Income & (Expense) | 42,964 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 751 |
| Cost of Funds | 170,772 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 582,529 |
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