Dec, 31, 2023 — MASS BAY CREDIT UNION is a federally insured state chartered credit union headquartered in SOUTH BOSTON, MA with 4 branch locations and about $350.04 million in total assets. Opened 88 years ago in 1936, MASS BAY CREDIT UNION has about 18,543 members and employs 54 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | MASS BAY CREDIT UNION |
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Address: (Main Office) | 147 W 4th St SOUTH BOSTON, MA 02127 |
Phone: | (617) 269-2700 |
Fax: | |
Website: | https://www.massbaycu.org |
Branches: | 4 branch locations |
Members: | 18,543 |
Credit Union Type: | Federally Insured State Chartered Credit Union |
Charter Number: | 68137 |
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Membership Type: | State chartered natural person |
Corporate Credit Union: | No |
Year Opened: | 1936 |
Last Audited: | Dec 01, 2022 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $350,038,842 |
CEO/Manager: | Theresa A Dorilas |
Chairperson: | John P Kineavy |
ASSETS: | $ Amount |
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Cash & Equivalents | 15,477,487 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 240,468,933 |
Unsecured Loans | 17,438,059 |
Other Loans | 36,637,484 |
TOTAL LOANS | 294,544,476 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -447,697 |
Land And Building | 3,842,889 |
Other Fixed Assets | 1,481,966 |
NCUSIF Deposit | 2,322,928 |
All Other Assets | 0 |
TOTAL ASSETS | 350,038,842 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 0 |
Notes & Interest Payable | 67,000,000 |
Accounts Payable & Other Liabilities | 7,190,895 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 50,225,083 |
Regular shares | 100,729,320 |
All Other Shares & Deposits | 92,033,096 |
TOTAL SHARES & DEPOSITS | 242,987,499 |
TOTAL LIABILITIES | 317,178,394 |
Regular Reserve | 0 |
Other Reserves | -3,661,578 |
Undivided Earnings | 36,522,026 |
TOTAL EQUITY | 32,860,448 |
TOTAL LIABILITIES, SHARES, & EQUITY | 350,038,842 |
INCOME & EXPENSE | |
Loan Income | 13,214,145 |
Investment Income | 917,173 |
Other Income | 1,412,258 |
Total Employee Compensation & Benefits | 4,870,277 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 4,306,239 |
Non-operating Income & (Expense) | 0 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 408,898 |
Cost of Funds | 4,392,895 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 2,508,073 |
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