Dec, 31, 2023 — CITY OF BOSTON CREDIT UNION is a federally insured state chartered credit union headquartered in SOUTH BOSTON, MA with 6 branch locations and about $617.77 million in total assets. Opened 109 years ago in 1915, CITY OF BOSTON CREDIT UNION has about 33,139 members and employs 69 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | CITY OF BOSTON CREDIT UNION |
|---|---|
| Address: (Main Office) | 455 W Broadway SOUTH BOSTON, MA 02127-2218 |
| Phone: | (617) 635-4545 |
| Fax: | |
| Website: | https://www.cityofbostoncu.com |
| Branches: | 6 branch locations |
| Members: | 33,139 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 67841 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1915 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $617,768,389 |
| CEO/Manager: | Tiffany Chisnall |
| Chairperson: | Cecil R Jones |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 40,512,164 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 324,350,079 |
| Unsecured Loans | 62,282,966 |
| Other Loans | 74,550,783 |
| TOTAL LOANS | 461,183,828 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -5,245,076 |
| Land And Building | 17,678,152 |
| Other Fixed Assets | 3,059,567 |
| NCUSIF Deposit | 4,919,348 |
| All Other Assets | 0 |
| TOTAL ASSETS | 617,768,389 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 35,581 |
| Notes & Interest Payable | 55,000,000 |
| Accounts Payable & Other Liabilities | 8,003,741 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 73,674,667 |
| Regular shares | 185,551,062 |
| All Other Shares & Deposits | 261,867,996 |
| TOTAL SHARES & DEPOSITS | 521,093,725 |
| TOTAL LIABILITIES | 584,133,047 |
| Regular Reserve | 0 |
| Other Reserves | -8,080,768 |
| Undivided Earnings | 41,716,110 |
| TOTAL EQUITY | 33,635,342 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 617,768,389 |
| INCOME & EXPENSE | |
| Loan Income | 21,788,978 |
| Investment Income | 3,757,531 |
| Other Income | 1,160,546 |
| Total Employee Compensation & Benefits | 7,816,841 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 10,713,195 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 5,375,279 |
| Cost of Funds | 8,494,205 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | -6,509,232 |
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