Dec, 31, 2023 — MEMBERS ADVANTAGE COMMUNITY CREDIT UNION is a federally insured state chartered credit union headquartered in BARRE, VT with 10 branch locations and about $391.52 million in total assets. Opened 71 years ago in 1953, MEMBERS ADVANTAGE COMMUNITY CREDIT UNION has about 36,848 members and employs 101 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | MEMBERS ADVANTAGE COMMUNITY CREDIT UNION |
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Address: (Main Office) | 265 S Main St BARRE, VT 05641-4815 |
Phone: | (802) 479-9411 |
Fax: | (802) 479-3533 |
Website: | https://www.802cu.com |
Branches: | 10 branch locations |
Members: | 36,848 |
Credit Union Type: | Federally Insured State Chartered Credit Union |
Charter Number: | 62983 |
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Membership Type: | State chartered natural person |
Corporate Credit Union: | No |
Year Opened: | 1953 |
Last Audited: | Dec 01, 2022 |
FHLB Member: | No |
Low Income Designation: | No |
Assets: | $391,520,034 |
CEO/Manager: | Sean M Gammon |
Chairperson: | Jeff Mobus |
ASSETS: | $ Amount |
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Cash & Equivalents | 52,210,314 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 169,855,003 |
Unsecured Loans | 16,661,817 |
Other Loans | 91,022,225 |
TOTAL LOANS | 277,539,045 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -2,029,845 |
Land And Building | 8,740,921 |
Other Fixed Assets | 380,121 |
NCUSIF Deposit | 3,527,607 |
All Other Assets | 365,009 |
TOTAL ASSETS | 391,520,034 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 0 |
Notes & Interest Payable | 0 |
Accounts Payable & Other Liabilities | 2,445,372 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 81,862,258 |
Regular shares | 164,122,734 |
All Other Shares & Deposits | 101,794,536 |
TOTAL SHARES & DEPOSITS | 347,779,531 |
TOTAL LIABILITIES | 350,224,903 |
Regular Reserve | 0 |
Other Reserves | 14,841,549 |
Undivided Earnings | 26,453,582 |
TOTAL EQUITY | 41,295,131 |
TOTAL LIABILITIES, SHARES, & EQUITY | 391,520,034 |
INCOME & EXPENSE | |
Loan Income | 15,932,002 |
Investment Income | 4,737,908 |
Other Income | 5,015,565 |
Total Employee Compensation & Benefits | 7,726,256 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 7,663,516 |
Non-operating Income & (Expense) | 0 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 950,000 |
Cost of Funds | 1,303,530 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 8,192,800 |
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