A Look Back at 2023

MassMutual Federal Credit Union 2023 Annual Report

Our Story

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 13,000 members in 46 states.

The Passing of the Torch

2023 marks the end of an era. After a distinguished 38-year career as President & CEO, Dave Plantier made the decision to retire. Over his tenure, Dave played a significant role in managing and growing the credit union. In addition, his leadership has helped enable MMFCU to effectively maintain a sound financial institution while providing value and peace of mind to members. Congratulations, Dave, on your retirement!

In October of 2023, MMFCU welcomed Lisa Asadourian as the new President & CEO. Lisa comes to MMFCU with over 20 years of financial service experience including time at Nutmeg State Financial Credit Union where she served as their Senior Vice President/Chief Engagement Officer. Most recently, Lisa served as the Chief Operating Officer at New Reach, a 501 (c)(3) organization whose vision is that all children, families, and individuals have a safe, secure, affordable home with the service and support needed regardless of their means or situation.

MMFCU is excited and confident about the future with Lisa as our President & CEO. Welcome Lisa!

A Message from our CEO & Board Chair

Although 2023 presented us with a unique set of challenges, including economic obstacles faced by financial institutions worldwide, the year also presented remarkable opportunities for growth and resilience.

In the face of a constantly evolving economic landscape, our team at MassMutual Federal Credit Union remained committed to serving our members with excellence and dedication. We navigated through uncertainties, ensuring the continuity of our services while prioritizing the financial well-being of our members.

One of our most notable wins this year was the successful placement of our new President and CEO, Lisa Asadourian, who brings a wealth of experience and a fresh perspective to our credit union. We are confident that under her leadership, we will achieve even greater success.

We also continued to evolve our digital solutions and platforms, empowering our members to bank at their convenience, anytime, anywhere. Our investment in technology has enabled us to adapt to the changing needs of our members and enhance their overall satisfaction.

Moreover, we continued to support local causes and organizations 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.

Despite the triumphs, 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.

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 2024 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.

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

Kerry Hurley / Lisa Asadourian

Board Chair / CEO

For Our Members

Where Your Story Matters.

Since COVID, MMFCU has been on a path of self-discovery. We questioned who we were at our core. Who are we truly and who do we want to be for our members? What separates us from other banks and credit unions? Of all the choices you have as a consumer, why do you choose to bank with us? The answer was 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.

Credit Card Conversion.

In an effort to provide better service to our members and an easier support model for our staff, we converted our credit cards to a new processor. This platform provides a better foundation for future growth of the program and what we can offer our members.

Bill Pay Conversion.

In 2023, MMFCU updated our Bill Pay feature to a cleaner, easier to work with interface. The update also allows MMFCU to provide better support to members if an issue arises.

ZOGO.

Sometimes updates are all about making life easier. MMFCU ditched the ZOGO app and added ZOGO directly into our banking app.

For MassMutual

MMFCU sponsored MM’s first 5K since COVID (Spring & Fall edition).

MMFCU partnered with the Health & Fitness Centers to get MassMutual employees out of their chairs and on their feet! Springfield, Boston, and many remote employees throughout the country walked, ran, and moved in the spring and then hustled in the fall!

MM Academy.

After a couple years of not being able to travel and meet in person, MMFCU was invited back in person to MM Academy to meet and talk with MM’s Financial Professionals in sunny Phoenix!

Welcome back to MM 2.0.

In September of 2023, MassMutual employees came back to work in the building on a hybrid schedule. It’s so nice to see friendly faces back in the building!

For The CoMMunity

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

CoMMunity Events

Our Team

Board Members

Kerry Hurley

Chairperson

Bethany Cowles

Vice Chairperson

Jessica Shea

Clerk

Sean Anderson

Director

Allen Campbell III

Director

Ling Cui

Director

Scott Davis

Director

Ron Desautels

Director

Charles Gray

Director

Ron Jackson

Director Emeritus

Dave Plantier

Director

Ken Rickson

Director

MMFCU Employees

Lisa Asadourian

President & CEO

Lee Craig

Chief Financial Officer

Christopher Brown

Chief Operating Officer

Lynn Liquornik

Vice President of Lending

Dawn Spear

Director of Member Experience & Employee Engagement

Gabriele Lee

Branch Manager

Jacqueline López

Marketing Manager

Keyla Hernandez

Teller Supervisor

Tahara Baldwin

Member Experience Assistant

Samantha Barnes

Marketing Specialist

Jaelani Burton-Alexander

Member Experience Specialist

Marie Chartrand

Loan Officer

Meghan Costa

Member Experience Specialist

Mary Beth DeLoria

Loan Officer

Jessie Drzewianowski

Receptionist

Tina Fedak

Mortgage Servicing Specialist

Amanda Figueroa

Member Solutions (Collections)

Sandra Frodema

Teller

Sherley Gutierrez

Accounting Specialist

Jossy La Bella

Quality Assurance Specialist

Jorge Montanez

Teller

Kathy Pelchat

Loan Officer

Cristian Peña

Teller

Victoria Rolón

Member Experience Specialist

Lynn Shea

Loan Servicing Specialist

Molly Terpos

Sr. Accounting Specialist

Nancy Thurber

Accounting Specialist

Kimberly Wickman

Member Experience Specialist

Ah’Tavia Wright

Member Experience Specialist

Report of the Supervisory Committee

To Members at the Annual Meeting - April 3, 2024

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 auditing 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, 2023 and 2022, 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.

The independent auditing firm was also engaged to conduct a review of the Automated Clearing House (ACH) operations as well as a verification of members’ accounts. Additionally, they were engaged to review 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 Managements 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
Jess Shea, Supervisory Committee Member

Brandon Williams

Supervisory Committee Chairman

Jerry Blais

Supervisory Committee Member

Paul Malandrinos

Supervisory Committee Member

Mary Taskey

Supervisory Committee Member

Jess Shea

Supervisory Committee Member

Balance Sheets

2023

Unaudited

2022

Audited

Assets

Cash On Hand + in banks
2023
$ 0
2022
$ 0
$ 0
$ 0
Loans receivable
2023
0
2022
0
0
0
Allowance for loan loss
2023
( 0 )
2020
( 0 )
( 0 )
( 0 )
Investment securities held to maturity
2023
0
2022
0
0
0
Investment securities available for sale
2023
- 0
2022
- 0
- 0
- 0
Corporate Credit Union Paid-in-Capital
2023
0
2022
0
0
0
Other Investments
2023
0
2022
0
0
0
Liquid assets
2023
- 0
2022
( 0 )
- 0
( 0 )
Accrued interest receivable
2023
0
2022
0
0
0
Accounts receivable
2023
0
2022
0
0
0
Furniture and fixtures
2023
0
2022
0
0
0
Pre-paid expenses
2023
0
2022
0
0
0
Total Assets
2023
$ 0
2022
$ 0
$ 0
$ 0

Liabilities and Members' Equity

Liabilities
Regular Shares
2023
$ 0
2022
$ 0
$ 0
$ 0
Checking (Share Drafts)
2023
0
2022
0
0
0
Money Market Shares
2023
0
2022
0
0
0
Certificates of Deposits
2023
0
2022
0
0
0
IRA Accounts
2023
0
2022
0
0
0
Total Members’ Shares and Deposits
2023
0
2022
0
0
0
Accrued expenses and other liabilities
2023
0
2022
0
0
0
Total Liabilities
2023
0
2022
0
0
0
Members' equity
Regular reserve
2023
0
2022
0
0
0
Undivided earnings
2023
0
2022
0
0
0
Unrealized gain/(loss) on AFS securities
2023
- 0
2022
- 0
- 0
- 0
Total Members' Equity
2023
0
2020
0
0
0
Total Liabilities and Members' Equity
2023
$ 0
2022
$ 0
$ 0
$ 0

Income Statements and Surplus

2023

Unaudited

2022

Unaudited

Income Statements

Revenues
Interest from Loans
2023
$ 0
2022
$ 0
$ 0
$ 0
Investment income
2023
0
2022
0
0
0
Other Income
2023
0
2022
0
0
0
Total Revenues
2023
0
2022
0
0
0
Expenses
Operating Expenses
2023
0
2022
0
0
0
Dividends to Members
2023
0
2022
0
0
0
Non-Operating Expenses
2023
- 0
2022
- 0
- 0
- 0
Total Expenses
2023
0
2022
0
0
0
Net Income
2023
$ 0
2022
$ 0
$ 0
$ 0

Surplus

Net Income
2023
$ 0
2022
$ 0
$ 0
$ 0
Loan losses net of recoveries
2023
( 0 )
2022
( 0 )
( 0 )
( 0 )
Transfers from loan loss provision
2023
( 0 )
2022
( 0 )
( 0 )
( 0 )
Net increase/(decrease) to loan loss reserve
2023
( 0 )
2022
( 0 )
( 0 )
( 0 )
Net unrealized (gain)/loss on AFS securities
2023
- 0
2022
- 0
- 0
- 0
Net increase/(decrease) to surplus
2023
$ ( 0 )
2022
$ 0
$ ( 0 )
$ 0

Here's To 2023

2021 Report
2022 Report

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

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