IC Federal Credit Union
IC Federal Credit Union is headquartered in Fitchburg and is the 26th largest credit union in the state of Massachusetts. It is also the 692nd largest credit union in the nation. It was established in 1934 and as of December of 2024, it had grown to 111 employees and 36,037 members at 8 locations. IC Federal Credit Union has a C+ health rating.
Field of Membership Restrictions
Membership in IC Federal Credit Union is open to those who live, work, worship, attend school, participate in an association with a headquarters, and organizations in Worcester, Middlesex, Franklin, Hampden, Hampshire, or Norfolk Counties in Massachusetts. Membership is also open to family members and organizations of existing members.
See current membership details
Good ... Could Be Great
My company signed up with this CU a few months ago, hoping to find a great local institution with good savings rates.
As happens with most banking institutions, at the time I signed up, the top rate was double what it is now. It dropped precipitously just a few months after setting up accounts with them. The rate is still pretty good, but it always feels like a bait-and-switch (because it is). Buyer beware, I suppose.
Moving past that, their customer service is adequate -- but nothing to write home about.
The web experience is good and you can steer clear of fees for the most part.
Data as of Q4 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 24250 |
| Year Chartered | 1934 |
| Employees | 111 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | -2.16% |
| Return on Equity - YTD | -41.64% |
| Annual Interest Income | $24.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2024vs Q4 2023 | $563.4MM$618.8MM |
| Loans | Q4 2024vs Q4 2023 | $415.9MM$510.1MM |
| Deposits | Q4 2024vs Q4 2023 | $495.4MM$508MM |
| Equity Capital | Q4 2024vs Q4 2023 | $30.3MM$44.5MM |
| Loan Loss Allowance | Q4 2024vs Q4 2023 | $7.2MM$6MM |
| Unbacked Noncurrent Loans | Q4 2024vs Q4 2023 | $9.4MM$17MM |
| Real Estate Owned | Q4 2024vs Q4 2023 | $0$312K |