A Look Back at 2024

MassMutual Federal Credit Union 2024 Annual Report

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Our Story

2024 Report Credit union springfield Our Story MassMutual Federal Credit Union

Since 1962

MassMutual Federal Credit Union was founded by 35 MassMutual employees who wanted to help themselves and their co-workers reach their financial goals. They envisioned a credit union that offered loans with affordable rates and manageable terms and encouraged financial security by providing a safe place to deposit savings and earn dividends. They pooled their money and invited others to join. Truly “People Helping People.”

Starting from the shared purpose of a small group of MassMutual employees in 1962, MMFCU has grown to include MassMutual employees, retirees, agents, those who work on the MassMutual campus, and their families. Today, we are proud to continue to serve the unique needs of 13,460 members in 45 states.

Tribute to Kerry

It is with a heavy heart that we remember and honor the life of Kerry Hurley, a remarkable individual who dedicated so much of his time and energy to MassMutual Federal Credit Union.  

Kerry began his 20 year journey with MMFCU as the leader of the Supervisory Committee, where his insights and unwavering commitment set a high standard for all. Following his time on the Supervisory Committee, Kerry became a member of the Board of Directors, which he ultimately led for 6 years as Chairman of the Board. 

Throughout Kerry’s tenure, he was known for his kindness and dedication. He was not just a leader but a friend to many, always willing to lend a helping hand and offer words of encouragement. Kerry’s love for MMFCU was evident in everything he did, from the smallest tasks to the most significant decisions. Kerry’s legacy is one of compassion, integrity, and unwavering commitment to the values of MMFCU. 

In honor of Kerry’s dedication to and love of MMFCU, we are pleased to announce that we will award a scholarship in his name. Kerry’s leadership helped shape the direction of MMFCU, and his memory will continue to inspire us.

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Kerry Hurley

Board Chair

A Message from our CEO & Board Chair

As we reflect on the past year, we are filled with gratitude for your unwavering trust and support. MassMutual Federal Credit Union (MMFCU) was founded in 1962 to serve MassMutual employees. Since then, we have grown to over 13,000 members.

2024 presented remarkable opportunities to better serve our members by rebuilding and streamlining the business and its operations. In alignment with our mission, we have continued to prioritize returning profits to you through low loan rates, high savings rates, and reduced fees.

Looking ahead, we are excited to introduce new initiatives aimed at enhancing your banking experience. In the future, we will introduce new technologies that make your banking life easier. Our goal is to ensure you can easily transact with us, enabling you to manage your finances seamlessly from anywhere. We will continue to invest in technology that enables us to adapt to your changing financial needs and enhance your overall satisfaction.

In 2024 we continued to support local causes and organizations who are dedicated to making a positive impact. From financial literacy programs and educational seminars to charitable partnerships and outreach, we strengthened our ties with the MassMutual community, providing more value and showing that the credit union truly is a place where your story matters.

We also acknowledge the hurdles we faced along the way. The past few years have presented unprecedented challenges, testing our resilience and forcing us to adapt to new norms. Nevertheless, we emerged stronger, more united, and more determined to overcome obstacles together.

We also acknowledge our sadness in the passing of Kerry Hurley, a dedicated and long-time board member of our credit union. Kerry’s unwavering commitment and passion for our organization were a source of inspiration. His contributions over the years have been invaluable, and his love for the credit union was evident in every initiative he championed. Kerry’s legacy has left a permanent mark on the credit union.

Looking ahead, we remain committed to our mission of empowering our members to achieve their financial goals and dreams. With your continued support, we are confident in our ability to navigate future challenges and seize new opportunities for growth and success.

We look forward to what 2025 brings as we continue assisting you on your financial journey. Together, we will continue to write the next chapter of our success story, guided by our shared values and commitment to excellence. Our focus remains on serving you with integrity, innovation, and a deep commitment to our shared success. Together, we will continue to build a brighter financial future.

Thank you for trusting MassMutual Federal Credit Union with all your financial needs.

2024 Report Credit union springfield ceo board member MassMutual Federal Credit Union

Bethany Cowles / Lisa Asadourian

Chair / CEO

For Our Members

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Where Your Story Matters.

MMFCU’s goal of enriching lives and providing peace of mind remains steadfast. In 2024, we refined this focus by simplifying our approach. With a new leader carrying the baton, we continue to forge our path of self-discovery, asking who we truly are and what we offer our members that sets us apart from other banks and credit unions. With many options available, why do you choose us? The answer is simple: Everyone has a story and no two are alike. Regardless of where you are on your financial journey, we want to meet you where you are. Because your story matters.

Partnerships

Strengthened our partnership with Members Mortgage, giving us the opportunity to provide growth and opportunity in the mortgage space.

Financial Webinars

Hosted 8 Financial-education related webinars

Sponsorships

Sponsored 4 coMMunity drives and partnered with MM Community Responsibility to provide volunteer efforts (Winter Warmth Drive, Children’s Book Drive, Back to School Drive, and Food Drive) that benefitted:

2024 Winter Warmth Drive

  • For the Love of Good Foundation
  • Lazarus House
  • St. Vincent De Paul

2024 School Supply Drive

  • Hiram L. Dorman Elementary in Springfield, MA
  • John A. Parker Elementary in New Bedford, MA
  • Bridge Elementary in Chicago, IL

2024 Food Drive

  • MLK Family Service Food Pantry
  • Brookline Food Pantry
  • Food Bank of Central & Eastern North Carolina

2024 Book Drive

  • William N Deberry Elementary School, Springfield
  • Bowen Elementary, Boston
  • Thomas C Cario Middle School, NC

For MassMutual

Sponsored MM’s on the Move 5K & Halloween Hustle 5K

MMFCU partnered with the MM Wellness team & Fitness Center to host two 5Ks in 2024.

Joined MM Advisors at MM Academy & Leaders Conference

MMFCU joined MM Advisors in Washinton DC and San Diego, CA to share our story and let them know about the benefits of being a MMFCU member.

Hosted our 3rd Annual Trunk or Treat

Almost 1,000 MM employees and family members joined MMFCU for a fun night of trunk-or-treating.

Sponsored 3 MM meet@ events

MMFCU sponsored Meet@s on both the Springfield and Boston campuses to celebrate the beginning and end of summer and, of course, International Credit Union Day!

For The CoMMunity

2024 Report Credit union springfield MLK Food Drive Drop Off MassMutual Federal Credit Union
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Winter warmth items
collected for
local homeless shelters
0
Children's books collected for
local elementary schools
0
School supply packages
donated to
local schools
0
Packages of food collected
for local shelters
0
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CoMMunity Events

Our Team

Board Members

Bethany Cowles

Chairperson

Ken Rickson

Vice Chairperson

Sean Anderson

Director

Allan Campbell III

Director

Ellen Conlin

Director

Ling Cui

Director

Scott Davis

Director

Charles Gray

Director

David Plantier

Director

Jessica Shea

Director

Jason Taylor

Director

Ronald Jackson

Director Emeritus

MMFCU Employees

Lisa Asadourian

President & CEO

Jim Balazsi

Chief Lending Officer Lending 

Ron Desautels

ALM & Investment Officer

Shane Dugan

Chief Financial Officer

Brett Lassoff

Compliance Officer

Jim Luurtsema

Chief Operating Officer

Amanda Figueroa

Member Solutions Supervisor

Sherley Gutierrez

Operations Manager

Gabriele Lee

Springfield Branch Manager

Jacqueline López

Director of Marketing

Dawn Spear

Director of Retail Operations 

Logan Anderson

Loan Originator

Isis Badone

Digital Marketing Specialist 

Tahara Baldwin

Member  Experience Assistant

Marie Chartrand

Loan Originator

Tina Fedak

Accounting Specialist

Jaelani Burton-Alexander

Member Experience Specialist

Meghan Costa

Operations Specialist

Mary Beth DeLoria

Loan Originator

Nathan Doll

Data Analyst 

Jessica Drzewianowski

Member Experience Specialist 

Sandy Frodema

Teller 

Andrea Graverson

Controller

Keyla Hernandez

Senior Teller

Jossy La Bella

Quality Assurance Specialist

Jorge Montanez

Teller

Kathy Pelchat

Loan Processor 

Diana Reyes

Member Experience Assistant 

Lynn Shea

Loan Processor 

Nancy Thurber

Accounting Specialist 

Malaki Wagner

IT Specialist 

Kimberly Wickman

Member Experience Specialist 

Ah’Tavia Wright

Loan Processor 

Report of the Supervisory Committee

To Members at the Annual Meeting - April 2, 2025

The Supervisory Committee, in compliance with the Federal Credit Union Act and MassMutual Federal Credit Union’s bylaws is responsible to make or cause to be made an annual audit of the credit union and such supplementary audits as it deems necessary or as may be ordered by the Board of Directors. During this past year, the Supervisory Committee engaged an independent audit firm to conduct an audit of the Credit Union’s financial statements. That audit concluded that the financial statements present fairly, in all material respects, the financial position of MassMutual Federal Credit Union as of March 31, 2024 and 2023, and the results of its operations and its cash flows for the years then ended, in accordance with accounting principles generally accepted in the United States of America.

An independent audit firm was also engaged to conduct other audits including Automated Clearing House (ACH) operations, a verification of members’ accounts, as well as compliance with applicable Bank Secrecy Act rules, Office of Foreign Assets Control (OFAC) regulations, and S.A.F.E. Act requirements. The audits and reviews produced generally favorable results along with some recommendations for Credit Union Management’s consideration.

Various aspects of the Credit Union’s operations, processes, policies, and financial records are examined by the Supervisory Committee, based upon an annual risk assessment. All activities, audit results and recommendations were discussed and reviewed with MassMutual Federal Credit Union management and the Board as applicable during the year. Action items are recorded and tracked in a log of outstanding items to ensure recommendations are actively implemented. In addition, on a quarterly basis, the Supervisory Committee attended Board of Directors Meetings and informed the Board of the Supervisory Committee’s activity.

As members of the Supervisory Committee, we believe that we are fulfilling our federally required obligations and, in our opinion, the records and accounts of the MassMutual Federal Credit Union are in proper order.

Respectfully Submitted,

Brandon Williams, Supervisory Committee Chairman
Jerry Blais, Supervisory Committee Member
Paul Malandrinos, Supervisory Committee Member
Mary Taskey, Supervisory Committee Member
Mike McLane, Supervisory Committee Member

2024 Report Credit union springfield Brandon MassMutual Federal Credit Union

Brandon Williams

Supervisory Committee Chairman

2024 Report Credit union springfield jerry 1 MassMutual Federal Credit Union

Jerry Blais

Supervisory Committee Member

2024 Report Credit union springfield paul 1 MassMutual Federal Credit Union

Paul Malandrinos

Supervisory Committee Member

2024 Report Credit union springfield Mary Taskey MassMutual Federal Credit Union

Mary Taskey

Supervisory Committee Member

2024 Report Credit union springfield Mike McLane e1743529015838 MassMutual Federal Credit Union

Mike McLane

Supervisory Committee Member

Balance Sheets

2024

Unaudited

2023

Audited

Assets

Cash On Hand + in banks
2024
$ 0
2023
$ 0
$ 0
$ 0
Loans receivable
2024
0
2023
0
0
0
Allowance for loan loss
2024
( 0 )
2023
( 0 )
( 0 )
( 0 )
Investment securities held to maturity
2024
0
2023
0
0
0
Investment securities available for sale
2024
- 0
2023
- 0
- 0
- 0
Corporate Credit Union Paid-in-Capital
2024
- 0
2023
- 0
- 0
- 0
Other Investments
2024
0
2023
0
0
0
Liquid assets
2024
0
2023
0
0
0
Accrued interest receivable
2024
0
2023
0
0
0
Accounts receivable
2024
- 0
2023
- 0
- 0
- 0
Furniture and fixtures
2024
0
2023
0
0
0
Other Assets
2024
0
2023
0
0
0
Total Assets
2024
$ 0
2023
$ 0
$ 0
$ 0

Liabilities and Members' Equity

Liabilities
Regular Shares
2024
$ 0
2023
$ 0
$ 0
$ 0
Checking (Share Drafts)
2024
0
2023
0
0
0
Money Market Shares
2024
0
2023
0
0
0
Certificates of Deposits
2024
0
2023
0
0
0
IRA Accounts
2024
0
2023
0
0
0
Total Members’ Shares and Deposits
2024
0
2023
0
0
0
Accrued expenses and other liabilities
2024
0
2023
0
0
0
Total Liabilities
2024
0
2023
0
0
0
Members' equity
Regular reserve
2023
0
2023
0
0
0
Undivided earnings
2024
0
2023
0
0
0
Unrealized gain/(loss) on AFS securities
2024
- 0
2023
- 0
- 0
- 0
Total Members' Equity
2024
0
2023
0
0
0
Total Liabilities and Members' Equity
2024
$ 0
2023
$ 0
$ 0
$ 0

Income Statements and Surplus

2024

Unaudited

2023

Unaudited

Income Statements

Revenues
Interest from Loans
2024
$ 0
2023
$ 0
$ 0
$ 0
Investment income
2024
0
2023
0
0
0
Other Income
2024
0
2023
0
0
0
Total Revenues
2024
0
2023
0
0
0
Expenses
Operating Expenses
2024
0
2023
0
0
0
Dividends to Members
2024
0
2023
0
0
0
Non-Operating Expenses
2024
- 0
2023
- 0
- 0
- 0
Total Expenses
2024
0
2023
0
0
0
Net Income
2024
$ ( 0 )
2023
$ 0
( 0 )
$ 0

Surplus

Net Income
2023
$ ( 0 )
2023
$ 0
( 0 )
$ 0
Loan losses net of recoveries
2024
( 0 )
2023
( 0 )
( 0 )
( 0 )
Transfers from loan loss provision
2024
( 0 )
2023
( 0 )
( 0 )
( 0 )
Net increase/(decrease) to loan loss reserve
2024
( 0 )
2023
( 0 )
( 0 )
( 0 )
Net unrealized (gain)/loss on AFS securities
2024
- 0
2023
- 0
- 0
- 0
Net increase/(decrease) to surplus
2024
$ ( 0 )
2023
$ ( 0 )
$ ( 0 )
$( 0 )

Here's To 2024

1295 State Street, Springfield, MA 01111-0001
800.940.9466 | www.massmutualfcu.org

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