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
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 Q3 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 68046 |
| Year Chartered | 1928 |
| Employees | 32 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.03% |
| Return on Equity - YTD | 0.88% |
| Annual Interest Income | $3.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2022vs Q3 2021 | $169.3MM$173.1MM |
| Loans | Q3 2022vs Q3 2021 | $87.7MM$84.7MM |
| Deposits | Q3 2022vs Q3 2021 | $163.5MM$158.8MM |
| Equity Capital | Q3 2022vs Q3 2021 | $5.4MM$13.5MM |
| Loan Loss Allowance | Q3 2022vs Q3 2021 | $626.00K$582.00K |
| Unbacked Noncurrent Loans | Q3 2022vs Q3 2021 | $321.00K$14.00K |
| Real Estate Owned | Q3 2022vs Q3 2021 | $0$0 |