Dec, 31, 2023 — MILLBURY FEDERAL CREDIT UNION is a federal credit union headquartered in MILLBURY, MA with 5 branch locations and about $477.25 million in total assets. Opened 90 years ago in 1934, MILLBURY FEDERAL CREDIT UNION has about 31,119 members and employs 92 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | MILLBURY FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 50 Main St MILLBURY, MA 01527 |
| Phone: | (508) 865-7600 |
| Fax: | (508) 865-8701 |
| Website: | https://www.millburycu.com |
| Branches: | 5 branch locations |
| Members: | 31,119 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 24543 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1934 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $477,245,145 |
| CEO/Manager: | Joseph F Barbato |
| Chairperson: | E. Bernard Plante |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 8,757,082 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 220,727 |
| Real Estate Loans | 237,937,251 |
| Unsecured Loans | 8,992,546 |
| Other Loans | 137,238,439 |
| TOTAL LOANS | 384,168,236 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -2,412,750 |
| Land And Building | 3,905,611 |
| Other Fixed Assets | 2,743,188 |
| NCUSIF Deposit | 3,886,525 |
| All Other Assets | 306,236 |
| TOTAL ASSETS | 477,245,145 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 4,107 |
| Notes & Interest Payable | 16,613,612 |
| Accounts Payable & Other Liabilities | 2,643,377 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 112,644,576 |
| Regular shares | 118,584,789 |
| All Other Shares & Deposits | 192,729,104 |
| TOTAL SHARES & DEPOSITS | 423,958,469 |
| TOTAL LIABILITIES | 443,259,052 |
| Regular Reserve | 0 |
| Other Reserves | -6,995,686 |
| Undivided Earnings | 40,981,779 |
| TOTAL EQUITY | 33,986,093 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 477,245,145 |
| INCOME & EXPENSE | |
| Loan Income | 16,547,463 |
| Investment Income | 2,534,112 |
| Other Income | 1,357,237 |
| Total Employee Compensation & Benefits | 7,629,310 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 5,125,270 |
| Non-operating Income & (Expense) | -70 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 839,445 |
| Cost of Funds | 4,943,031 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 3,275,533 |
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