Dec, 31, 2023 — MERRIMACK VALLEY CREDIT UNION is a federally insured state chartered credit union headquartered in LAWRENCE, MA with 27 branch locations and about $2.26 billion in total assets. Opened 69 years ago in 1955, MERRIMACK VALLEY CREDIT UNION has about 114,879 members and employs 319 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | MERRIMACK VALLEY CREDIT UNION |
|---|---|
| Address: (Main Office) | 500 Merrimack St LAWRENCE, MA 01843 |
| Phone: | (978) 975-4095 |
| Fax: | (978) 685-3297 |
| Website: | https://www.mvcu.com |
| Branches: | 27 branch locations |
| Members: | 114,879 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 68693 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1955 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $2,263,245,491 |
| CEO/Manager: | John J Howard |
| Chairperson: | Domenic Mazzocco |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 91,732,532 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 1,240,736,717 |
| Unsecured Loans | 51,715,097 |
| Other Loans | 258,373,728 |
| TOTAL LOANS | 1,550,986,926 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -12,999,232 |
| Land And Building | 17,005,625 |
| Other Fixed Assets | 3,757,182 |
| NCUSIF Deposit | 19,376,114 |
| All Other Assets | 111,530 |
| TOTAL ASSETS | 2,263,245,491 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 32,853,277 |
| Accounts Payable & Other Liabilities | 34,199,192 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 375,350,987 |
| Regular shares | 893,986,330 |
| All Other Shares & Deposits | 732,464,726 |
| TOTAL SHARES & DEPOSITS | 2,001,802,043 |
| TOTAL LIABILITIES | 2,068,854,512 |
| Regular Reserve | 0 |
| Other Reserves | 91,972,462 |
| Undivided Earnings | 102,418,517 |
| TOTAL EQUITY | 194,390,979 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 2,263,245,491 |
| INCOME & EXPENSE | |
| Loan Income | 59,889,136 |
| Investment Income | 15,655,041 |
| Other Income | 10,087,622 |
| Total Employee Compensation & Benefits | 32,492,908 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 27,824,030 |
| Non-operating Income & (Expense) | 23,172 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 1,650,000 |
| Cost of Funds | 20,936,370 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 8,495,278 |
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