Naveo Credit Union is headquartered in Somerville and is the 48th largest credit union in the state of Massachusetts. It is also the 1,331st largest credit union in the nation. It was established in 1928 and as of June of 2020, it had grown to 24 employees and 7,528 members at 2 locations. Naveo Credit Union has an A health rating.
Field of Membership Restrictions
Naveo Credit Union is open to those who live, work, or attend school in Suffolk and Middlesex counties, and the Essex County municipalities of Lynn, Lynnfield, Marblehead, Nahant, Peabody, Salem, Swampscott, and Saugus. Immediate family may also join.
See current membership details
Naveo Credit Union
I had a good experience here. It was the first place I opened a savings account about 15 years ago. The interest rates at the time were good. The name of the bank has changed. It used to be called Cambridge Portuguese Credit Union. Now it's Naveo Credit Union. The people that work there are very friendly and helpful. The lines can get pretty long on pay day. The loan rates were decent. They have two branches. One in Somerville Massachusetts and the other I believe is in Cambridge, MA. I've been to both. They were recently remodeled and look nice.
Data as of Q2 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 68046 |
| Year Chartered | 1928 |
| Employees | 24 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.95% |
| Return on Equity - YTD | 11.21% |
| Annual Interest Income | $2.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2020vs Q2 2019 | $156.1MM$136.1MM |
| Loans | Q2 2020vs Q2 2019 | $95.1MM$91.4MM |
| Deposits | Q2 2020vs Q2 2019 | $142.6MM$124.3MM |
| Equity Capital | Q2 2020vs Q2 2019 | $12.8MM$11.2MM |
| Loan Loss Allowance | Q2 2020vs Q2 2019 | $723.00K$639.00K |
| Unbacked Noncurrent Loans | Q2 2020vs Q2 2019 | $504.00K$48.00K |
| Real Estate Owned | Q2 2020vs Q2 2019 | $0$0 |