Dec, 31, 2023 — RIVER WORKS CREDIT UNION is a federally insured state chartered credit union headquartered in LYNN, MA with 3 branch locations and about $123.56 million in total assets. Opened 88 years ago in 1936, RIVER WORKS CREDIT UNION has about 5,388 members and employs 24 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | RIVER WORKS CREDIT UNION |
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Address: (Main Office) | 947 Western Ave LYNN, MA 01905-2640 |
Phone: | (781) 599-0096 |
Fax: | (781) 596-2280 |
Website: | https://www.rwcu.com |
Branches: | 3 branch locations |
Members: | 5,388 |
Credit Union Type: | Federally Insured State Chartered Credit Union |
Charter Number: | 66346 |
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Membership Type: | State chartered natural person |
Corporate Credit Union: | No |
Year Opened: | 1936 |
Last Audited: | Dec 01, 2022 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $123,557,822 |
CEO/Manager: | Jim Donahue |
Chairperson: | Kevin J Chiles |
ASSETS: | $ Amount |
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Cash & Equivalents | 7,397,302 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 92,845,190 |
Unsecured Loans | 594,456 |
Other Loans | 8,881,522 |
TOTAL LOANS | 102,321,168 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -231,094 |
Land And Building | 1,651,655 |
Other Fixed Assets | 721,628 |
NCUSIF Deposit | 952,591 |
All Other Assets | 0 |
TOTAL ASSETS | 123,557,822 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 32,934 |
Notes & Interest Payable | 0 |
Accounts Payable & Other Liabilities | 2,945,350 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 17,037,739 |
Regular shares | 36,365,283 |
All Other Shares & Deposits | 51,101,493 |
TOTAL SHARES & DEPOSITS | 104,504,515 |
TOTAL LIABILITIES | 107,482,799 |
Regular Reserve | 0 |
Other Reserves | 0 |
Undivided Earnings | 16,075,023 |
TOTAL EQUITY | 16,075,023 |
TOTAL LIABILITIES, SHARES, & EQUITY | 123,557,822 |
INCOME & EXPENSE | |
Loan Income | 5,112,929 |
Investment Income | 654,124 |
Other Income | 674,179 |
Total Employee Compensation & Benefits | 2,074,801 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 2,238,164 |
Non-operating Income & (Expense) | 0 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | -99,590 |
Cost of Funds | 1,349,680 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 865,914 |
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