LYNN MUNICIPAL EMPLOYEES CREDIT UNION is no longer an active credit union according to the NCUA.
Dec, 31, 2023 — LYNN MUNICIPAL EMPLOYEES CREDIT UNION is a federally insured state chartered credit union headquartered in LYNN, MA with 1 branch location and about $3.11 million in total assets. Opened 83 years ago in 1941, LYNN MUNICIPAL EMPLOYEES CREDIT UNION has about 455 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: | LYNN MUNICIPAL EMPLOYEES CREDIT UNION |
|---|---|
| Address: (Main Office) | 3 CITY HALL SQUARE, ROOM 104 LYNN, MA 01901 |
| Phone: | (781) 586-6761 |
| Fax: | (781) 477-0978 |
| Website: | n/a |
| Branches: | 1 branch locations |
| Members: | 455 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 67908 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1941 |
| Last Audited: | Nov 01, 2020 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $3,111,315 |
| CEO/Manager: | Natalie Baker |
| Chairperson: | Paul Gaudet |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 2,201,409 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 0 |
| Unsecured Loans | 716,903 |
| Other Loans | 74,261 |
| TOTAL LOANS | 791,164 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -14,664 |
| Land And Building | 0 |
| Other Fixed Assets | 3 |
| NCUSIF Deposit | 23,312 |
| All Other Assets | 0 |
| TOTAL ASSETS | 3,111,315 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 17,306 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 0 |
| Regular shares | 2,493,289 |
| All Other Shares & Deposits | 0 |
| TOTAL SHARES & DEPOSITS | 2,493,289 |
| TOTAL LIABILITIES | 2,510,595 |
| Regular Reserve | 0 |
| Other Reserves | 38,755 |
| Undivided Earnings | 561,965 |
| TOTAL EQUITY | 600,720 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 3,111,315 |
| INCOME & EXPENSE | |
| Loan Income | 21,506 |
| Investment Income | -2,457 |
| Other Income | 0 |
| Total Employee Compensation & Benefits | 18,207 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 27,579 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 2,014 |
| Cost of Funds | 1,175 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | -29,926 |
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