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DANVERS MUNICIPAL FEDERAL CREDIT UNION

Dec, 31, 2023 — DANVERS MUNICIPAL FEDERAL CREDIT UNION is a federal credit union headquartered in DANVERS, MA with 1 branch location and about $8.07 million in total assets. Opened 63 years ago in 1961, DANVERS MUNICIPAL FEDERAL CREDIT UNION has about 1,122 members and employs 3 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


Name:DANVERS MUNICIPAL FEDERAL CREDIT UNION
Address:
(Main Office)
12 Sylvan St
DANVERS, MA 01923
Phone:(978) 777-0001
Fax:
Website:https://www.dmfcreditunion.com
Branches:1 branch locations
Members:1,122
Credit Union Type:Federal Credit Union
Charter Number:14191
Membership Type:Federal, State, Local Government
Corporate Credit Union:No
Year Opened:1961
Last Audited:Sep 01, 2023
FHLB Member:No
Low Income Designation:No
Assets:$8,069,643
CEO/Manager:Joseph L Collins
Chairperson:Mark C Hannon

Call Report

  • Payday Alternative Loans (PAL Loans)

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 612,640
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 0
 Unsecured Loans 198,182
 Other Loans 5,240,515
 TOTAL LOANS 5,438,697
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -14,053
 Land And Building 0
 Other Fixed Assets 4,702
 NCUSIF Deposit 58,821
 All Other Assets 0
  TOTAL ASSETS 8,069,643
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 7,882
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 0
 Regular shares 5,227,685
 All Other Shares & Deposits 0
  TOTAL SHARES & DEPOSITS 5,227,685
  TOTAL LIABILITIES 5,235,567
 Regular Reserve 0
 Other Reserves 247,357
 Undivided Earnings 2,586,719
  TOTAL EQUITY 2,834,076
  TOTAL LIABILITIES, SHARES, & EQUITY 8,069,643
INCOME & EXPENSE  
 Loan Income 172,821
 Investment Income 76,527
 Other Income 0
 Total Employee Compensation & Benefits 110,694
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 47,314
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 10,338
 Cost of Funds 3,127
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 118,229
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