Dec, 31, 2023 — LUSO-AMERICAN CREDIT UNION is a federally insured state chartered credit union headquartered in PEABODY, MA with 3 branch locations and about $121.87 million in total assets. Opened 64 years ago in 1960, LUSO-AMERICAN CREDIT UNION has about 8,875 members and employs 20 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | LUSO-AMERICAN CREDIT UNION |
|---|---|
| Address: (Main Office) | 37 Tremont St PEABODY, MA 01960 |
| Phone: | (978) 531-5767 |
| Fax: | (978) 531-4607 |
| Website: | https://www.luso-american.com |
| Branches: | 3 branch locations |
| Members: | 8,875 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 67890 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1960 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $121,868,639 |
| CEO/Manager: | Deborah A Luciano |
| Chairperson: | Sergio Costa |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 31,820,097 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 72,317,733 |
| Unsecured Loans | 3,227,152 |
| Other Loans | 6,591,355 |
| TOTAL LOANS | 82,136,240 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -282,977 |
| Land And Building | 269,375 |
| Other Fixed Assets | 672,969 |
| NCUSIF Deposit | 984,350 |
| All Other Assets | 0 |
| TOTAL ASSETS | 121,868,639 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 279 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 565,553 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 19,948,854 |
| Regular shares | 53,239,439 |
| All Other Shares & Deposits | 30,612,195 |
| TOTAL SHARES & DEPOSITS | 103,800,489 |
| TOTAL LIABILITIES | 104,366,321 |
| Regular Reserve | 0 |
| Other Reserves | 2,085,847 |
| Undivided Earnings | 15,416,471 |
| TOTAL EQUITY | 17,502,318 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 121,868,639 |
| INCOME & EXPENSE | |
| Loan Income | 3,777,298 |
| Investment Income | 1,528,321 |
| Other Income | 120,760 |
| Total Employee Compensation & Benefits | 1,386,755 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 1,932,700 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 172,888 |
| Cost of Funds | 505,654 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,608,470 |
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