Dec, 31, 2023 — FALL RIVER MUNICIPAL CREDIT UNION is a federally insured state chartered credit union headquartered in FALL RIVER, MA with 3 branch locations and about $282.34 million in total assets. Opened 94 years ago in 1930, FALL RIVER MUNICIPAL CREDIT UNION has about 13,643 members and employs 47 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | FALL RIVER MUNICIPAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 333 Milliken Blvd FALL RIVER, MA 02721 |
| Phone: | (508) 678-9028 |
| Fax: | (508) 235-2496 |
| Website: | https://www.frmcu.com |
| Branches: | 3 branch locations |
| Members: | 13,643 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 67894 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1930 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $282,340,718 |
| CEO/Manager: | Matthew Schondek |
| Chairperson: | Carl Garcia |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 10,068,290 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 100,744,623 |
| Unsecured Loans | 3,313,840 |
| Other Loans | 71,393,658 |
| TOTAL LOANS | 175,914,043 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -728,805 |
| Land And Building | 2,290,113 |
| Other Fixed Assets | 386,243 |
| NCUSIF Deposit | 1,857,689 |
| All Other Assets | 0 |
| TOTAL ASSETS | 282,340,718 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 68,432,326 |
| Accounts Payable & Other Liabilities | 630,349 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 31,696,193 |
| Regular shares | 81,593,726 |
| All Other Shares & Deposits | 80,772,467 |
| TOTAL SHARES & DEPOSITS | 194,062,386 |
| TOTAL LIABILITIES | 263,125,061 |
| Regular Reserve | 0 |
| Other Reserves | -4,225,222 |
| Undivided Earnings | 23,440,879 |
| TOTAL EQUITY | 19,215,657 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 282,340,718 |
| INCOME & EXPENSE | |
| Loan Income | 6,293,115 |
| Investment Income | 1,928,980 |
| Other Income | 710,212 |
| Total Employee Compensation & Benefits | 3,167,022 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 2,994,076 |
| Non-operating Income & (Expense) | 273,048 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 261,780 |
| Cost of Funds | 3,138,243 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 506,650 |
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