Dec, 31, 2023 — SOMERVILLE SCHOOL EMPLOYEES FEDERAL CREDIT UNION is a federal credit union headquartered in SOMERVILLE, MA with 1 branch location and about $24.44 million in total assets. Opened 85 years ago in 1939, SOMERVILLE SCHOOL EMPLOYEES FEDERAL CREDIT UNION has about 1,760 members offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | SOMERVILLE SCHOOL EMPLOYEES FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 100 Highland Ave SOMERVILLE, MA 02143 |
| Phone: | (617) 625-8411 |
| Fax: | (617) 623-2594 |
| Website: | https://ssefcu.org |
| Branches: | 1 branch locations |
| Members: | 1,760 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 3475 |
|---|---|
| Membership Type: | Multiple common bond - Primarily educational |
| Corporate Credit Union: | No |
| Year Opened: | 1939 |
| Last Audited: | Nov 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $24,437,570 |
| CEO/Manager: | Brenna Geanacopoulos |
| Chairperson: | Paula J Gaffey |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 497,583 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 3,863,914 |
| Unsecured Loans | 638,223 |
| Other Loans | 1,645,692 |
| TOTAL LOANS | 6,147,829 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -43,172 |
| Land And Building | 557,677 |
| Other Fixed Assets | 0 |
| NCUSIF Deposit | 231,637 |
| All Other Assets | 0 |
| TOTAL ASSETS | 24,437,570 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 3,687 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 4,505 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 1,714,641 |
| Regular shares | 9,997,116 |
| All Other Shares & Deposits | 8,952,459 |
| TOTAL SHARES & DEPOSITS | 20,664,216 |
| TOTAL LIABILITIES | 20,672,408 |
| Regular Reserve | 0 |
| Other Reserves | 3,292,962 |
| Undivided Earnings | 472,200 |
| TOTAL EQUITY | 3,765,162 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 24,437,570 |
| INCOME & EXPENSE | |
| Loan Income | 225,929 |
| Investment Income | 395,416 |
| Other Income | 13,056 |
| Total Employee Compensation & Benefits | 301,750 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 301,196 |
| Non-operating Income & (Expense) | 47,904 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 6,000 |
| Cost of Funds | 56,714 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 16,645 |
| ↑ Back to Top | |