Dec, 31, 2023 — THE ANDOVERS FEDERAL CREDIT UNION is a federal credit union headquartered in ANDOVER, MA with 3 branch locations and about $37.57 million in total assets. Opened 60 years ago in 1964, THE ANDOVERS FEDERAL CREDIT UNION has about 2,227 members and employs 6 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | THE ANDOVERS FEDERAL CREDIT UNION |
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Address: (Main Office) | 19C Lupine Rd ANDOVER, MA 01810-3909 |
Phone: | (978) 475-6133 |
Fax: | (978) 475-6225 |
Website: | https://www.andoverfcu.com |
Branches: | 3 branch locations |
Members: | 2,227 |
Credit Union Type: | Federal Credit Union |
Charter Number: | 16067 |
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Membership Type: | Multiple common bond - Primarily federal, state, local government |
Corporate Credit Union: | No |
Year Opened: | 1964 |
Last Audited: | Dec 01, 2023 |
FHLB Member: | No |
Low Income Designation: | No |
Assets: | $37,565,894 |
CEO/Manager: | Lisa M Morelli |
Chairperson: | Brian Pattullo |
ASSETS: | $ Amount |
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Cash & Equivalents | 1,461,306 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 5,343,347 |
Unsecured Loans | 1,745,452 |
Other Loans | 2,162,017 |
TOTAL LOANS | 9,250,816 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -200,600 |
Land And Building | 270,720 |
Other Fixed Assets | 33,592 |
NCUSIF Deposit | 358,036 |
All Other Assets | 0 |
TOTAL ASSETS | 37,565,894 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 0 |
Notes & Interest Payable | 0 |
Accounts Payable & Other Liabilities | 50,337 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 3,948,407 |
Regular shares | 13,868,773 |
All Other Shares & Deposits | 15,414,643 |
TOTAL SHARES & DEPOSITS | 33,231,823 |
TOTAL LIABILITIES | 33,282,160 |
Regular Reserve | 0 |
Other Reserves | 540,699 |
Undivided Earnings | 3,743,035 |
TOTAL EQUITY | 4,283,734 |
TOTAL LIABILITIES, SHARES, & EQUITY | 37,565,894 |
INCOME & EXPENSE | |
Loan Income | 452,215 |
Investment Income | 615,657 |
Other Income | 22,367 |
Total Employee Compensation & Benefits | 284,045 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 412,467 |
Non-operating Income & (Expense) | 0 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 41,678 |
Cost of Funds | 147,113 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 296,019 |
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