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SOMERVILLE MUNICIPAL FEDERAL CREDIT UNION

Sep, 30, 2021 — SOMERVILLE MUNICIPAL FEDERAL CREDIT UNION is a federal credit union headquartered in SOMERVILLE, MA with 1 branch location and about $49.17 million in total assets. Opened 80 years ago in 1941, SOMERVILLE MUNICIPAL FEDERAL CREDIT UNION has about 2,364 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:http://www.sommfcu.com
Branches:1 branch locations
Members:2,364
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, 2020
FHLB Member:No
Low Income Designation:No
Assets:$49,171,709
CEO/Manager:Roland J Draper
Chairperson:Stephen Burgess

Call Report

  • First Time Homebuyer Program
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 9,165,980
TOTAL INVESTMENTS 11,088,100
Loans Held for Sale 0
 
 Real Estate Loans 21,413,330
 Unsecured Loans 2,442,386
 Other Loans 3,286,884
 TOTAL LOANS 27,142,600
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -343,445
 Land And Building 432,984
 Other Fixed Assets 86,851
 NCUSIF Deposit 383,843
 All Other Assets 1,214,796
  TOTAL ASSETS 49,171,709
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 122,050
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 6,240,437
 Regular shares 15,026,410
 All Other Shares & Deposits 20,810,927
  TOTAL SHARES & DEPOSITS 42,077,774
  TOTAL LIABILITIES 42,199,824
 Regular Reserve 788,437
 Other Reserves 0
 Undivided Earnings 6,183,448
  TOTAL EQUITY 6,971,885
  TOTAL LIABILITIES, SHARES, & EQUITY 49,171,709
INCOME & EXPENSE  
 Loan Income 753,881
 Investment Income 76,078
 Other Income 75,369
 Total Employee Compensation & Benefits 412,403
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 339,666
 Non-operating Income & (Expense) 25,085
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 0
 Cost of Funds 112,724
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 65,620
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