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DIRECT FEDERAL CREDIT UNION

Mar, 31, 2022 — DIRECT FEDERAL CREDIT UNION is a federal credit union headquartered in NEEDHAM, MA with 1 branch location and about $749.78 million in total assets. Opened 69 years ago in 1953, DIRECT FEDERAL CREDIT UNION has about 28,421 members and employs 76 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


Name:DIRECT FEDERAL CREDIT UNION
Address:
(Main Office)
50 Cabot St
NEEDHAM, MA 02494
Phone:(781) 433-2900
Fax:(781) 455-9911
Website:http://www.direct.com
Branches:1 branch locations
Members:28,421
Credit Union Type:Federal Credit Union
Charter Number:9071
Membership Type:Community credit unions, urban or rural, other than those designated 'low income'
Corporate Credit Union:No
Year Opened:1953
Last Audited:Dec 01, 2021
FHLB Member:Yes
Low Income Designation:No
Assets:$749,775,450
CEO/Manager:Joseph A Walsh
Chairperson:Joseph Capalbo, Jr.

Call Report

  • First Time Homebuyer Program
  • International Remittances

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 40,090,112
TOTAL INVESTMENTS 0
Loans Held for Sale 11,919,760
 
 Real Estate Loans 479,968,478
 Unsecured Loans 22,160,712
 Other Loans 129,275,346
 TOTAL LOANS 631,404,536
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -3,668,260
 Land And Building 0
 Other Fixed Assets 2,587,259
 NCUSIF Deposit 5,503,961
 All Other Assets 275,560
  TOTAL ASSETS 749,775,450
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 45,070,883
 Accounts Payable & Other Liabilities 7,407,316
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 89,510,895
 Regular shares 120,953,793
 All Other Shares & Deposits 395,922,498
  TOTAL SHARES & DEPOSITS 606,387,186
  TOTAL LIABILITIES 658,865,385
 Regular Reserve 0
 Other Reserves 6,993,753
 Undivided Earnings 83,916,312
  TOTAL EQUITY 90,910,065
  TOTAL LIABILITIES, SHARES, & EQUITY 749,775,450
INCOME & EXPENSE  
 Loan Income 4,871,242
 Investment Income 125,072
 Other Income 126,922
 Total Employee Compensation & Benefits 2,841,491
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 1,553,909
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 88,391
 Cost of Funds 696,855
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 239,876
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