Naveo Credit Union


Overview / Commentary
617-547-3144
493 Somerville Ave
Somerville, MA 02143

Naveo Credit Union is headquartered in Somerville and is the 46th largest credit union in the state of Massachusetts. It is also the 1,386th largest credit union in the nation. It was established in 1928 and as of September of 2022, it had grown to 32 employees and 7,284 members at 2 locations. Naveo Credit Union has a B 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

Reviews (1)

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.



Health

Health Grade Components

Overall
NCUA #68046
Year Chartered1928
Employees32
Primary Regulator
Profit Margin
Return on Assets - YTD0.03%
Return on Equity - YTD0.88%
Annual Interest Income$3.5MM
Assets and Liabilities
AssetsQ3 2022vs Q3 2021$169.3MM$173.1MM
LoansQ3 2022vs Q3 2021$87.7MM$84.7MM
DepositsQ3 2022vs Q3 2021$163.5MM$158.8MM
Equity CapitalQ3 2022vs Q3 2021$5.4MM$13.5MM
Loan Loss AllowanceQ3 2022vs Q3 2021$626.00K$582.00K
Unbacked Noncurrent LoansQ3 2022vs Q3 2021$321.00K$14.00K
Real Estate OwnedQ3 2022vs Q3 2021$0$0
Rates

Rates for Naveo Credit Union are currently being reviewed.

Locations


Naveo Credit Union Locations
Branch Office493 Somerville AveSomerville, MA 02143
Branch Office251 Hampshire StCambridge, MA 02139

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