Overview / Commentary
MIT Federal Credit Union is headquartered in Lexington and is the 20th largest credit union in the state of Massachusetts. It is also the 591st largest credit union in the nation. It was established in 1940 and as of June of 2024, it had grown to 95 employees and 34,198 members at 4 locations. MIT Federal Credit Union has a B health rating.
Field of Membership Restrictions
Membership in MIT Federal Credit Union is open to employees, retirees, students, and alumni of MIT. Employees of Draper Laboratories, Lincoln Laboratories, Broad Institute, Whitehead Institute, Novartis, or Toyota Research Institute also qualify for membership.
See current membership details
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Health
B
Data as of Q2 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 3830 |
| Year Chartered | 1940 |
| Employees | 95 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.14% |
| Return on Equity - YTD | 13.29% |
| Annual Interest Income | $14.4MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $706MM$729.3MM |
| Loans | Q2 2024vs Q2 2023 | $579.7MM$617.1MM |
| Deposits | Q2 2024vs Q2 2023 | $621.4MM$640.4MM |
| Equity Capital | Q2 2024vs Q2 2023 | $61.5MM$52MM |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $4.4MM$5.5MM |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $5MM$3.5MM |
| Real Estate Owned | Q2 2024vs Q2 2023 | $0$0 |