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MASSACHUSETTS FAMILY CREDIT UNION

Mar, 31, 2021 — MASSACHUSETTS FAMILY CREDIT UNION is a federally insured state chartered credit union headquartered in LYNN, MA with 1 branch location and about $26.70 million in total assets. Opened 95 years ago in 1926, MASSACHUSETTS FAMILY CREDIT UNION has about 1,465 members and employs 3 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


Name:MASSACHUSETTS FAMILY CREDIT UNION
Address:
(Main Office)
PO BOX 615
LYNN, MA 01903
Phone:(781) 592-6051
Fax:(781) 592-6162
Website:http://www.massfamilycu.com
Branches:1 branch locations
Members:1,465
Credit Union Type:Federally Insured State Chartered Credit Union
Charter Number:67714
Membership Type:State chartered natural person
Corporate Credit Union:No
Year Opened:1926
Last Audited:Sep 01, 2020
FHLB Member:Yes
Low Income Designation:No
Assets:$26,703,031
CEO/Manager:cornelius j crean
Chairperson:richard coppinger

Call Report

  • Overdraft Lines of Credit
  • Real Estate Loans
  • ATM/Debit Card Program
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 5,930,572
TOTAL INVESTMENTS 2,625,564
Loans Held for Sale 0
 
 Real Estate Loans 13,530,162
 Unsecured Loans 1,844,377
 Other Loans 2,568,598
 TOTAL LOANS 17,943,137
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -169,873
 Land And Building 0
 Other Fixed Assets 35,436
 NCUSIF Deposit 176,839
 All Other Assets 161,356
  TOTAL ASSETS 26,703,031
LIABILITIES & CAPITAL:  
 Dividends Payable 11,117
 Notes & Interest Payable 1,000,000
 Accounts Payable & Other Liabilities 118,473
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 1,636,341
 Regular shares 2,871,126
 All Other Shares & Deposits 17,041,033
  TOTAL SHARES & DEPOSITS 21,548,500
  TOTAL LIABILITIES 22,678,090
 Regular Reserve 295,000
 Other Reserves 0
 Undivided Earnings 3,729,941
  TOTAL EQUITY 4,024,941
  TOTAL LIABILITIES, SHARES, & EQUITY 26,703,031
INCOME & EXPENSE  
 Loan Income 963,328
 Investment Income 62,500
 Other Income 15,582
 Total Employee Compensation & Benefits 372,752
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 232,487
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 7,500
 Cost of Funds 339,764
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 88,907
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