Overview
What is The Cooperative Central Bank?
The Cooperative Central Bank is a nonprofit organization, owned and operated by all 37 cooperative banks in Massachusetts. Its primary role is to provide a reliable source of cash reserves and deposit insurance for these banks, ensuring the full protection of their depositors' funds under Massachusetts law. This mutual arrangement serves to benefit all depositors, fostering financial stability and security within the cooperative banking system of Massachusetts.
Official website here: www.coopcentralbank.com
Is The Cooperative Central Bank legitimate?
The Cooperative Central Bank is a legitimate nonprofit organization registered as a 501(c)(14) entity. The Cooperative Central Bank submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $809,180
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.coopcentralbank.com
What is the mission statement of The Cooperative Central Bank?
The Cooperative Central Bank, being operated and fully owned by all 37 Massachusetts cooperative banks, exists with the primary objective of benefiting all their depositors. Its primary role is to provide a source of cash reserves and offer deposit insurance to these banks, in accordance with Massachusetts law. This nonprofit organization operates solely for the mutual benefit of its participating banks' depositors, ensuring the protection of their funds.
Official website here: www.coopcentralbank.com
Who is the CEO of The Cooperative Central Bank?
Andrew J Calamare is the Director of The Cooperative Central Bank. The CEO's salary of The Cooperative Central Bank is $480,896 and their total compensation is $517,799.
Official website here: www.coopcentralbank.com
What is the revenue of The Cooperative Central Bank?
The Cooperative Central Bank's revenue in 2020 was $2,132,200.
Official website here: www.coopcentralbank.com
Who are the executives of The Cooperative Central Bank and what are their salaries?
The average compensation at The Cooperative Central Bank during 2020 was $202,295. There are 4 employees at The Cooperative Central Bank.
Here are 13 key members and their salaries (The Cooperative Central Bank's CEO's salary is $480,896 and their total compensation is $517,799):
- Compensation: $6,300
- Related: $0
- Other: $0
- Compensation: $6,675
- Related: $0
- Other: $0
- Compensation: $300
- Related: $0
- Other: $0
- Compensation: $7,575
- Related: $0
- Other: $0
- Compensation: $8,475
- Related: $0
- Other: $0
- Compensation: $6,075
- Related: $0
- Other: $0
- Compensation: $6,000
- Related: $0
- Other: $0
- Compensation: $7,800
- Related: $0
- Other: $0
- Compensation: $6,975
- Related: $0
- Other: $0
- Compensation: $6,600
- Related: $0
- Other: $0
- Compensation: $480,896
- Related: $0
- Other: $36,903
- Compensation: $183,759
- Related: $0
- Other: $35,745
- Compensation: $297,743
- Related: $0
- Other: $45,023
Official website here: www.coopcentralbank.com
Where can I find the form 990 for The Cooperative Central Bank?
The Cooperative Central Bank's most recent form 990 was submitted in 2020 and can be accessed here.
Official website here: www.coopcentralbank.com
Learn more at the official website: www.coopcentralbank.com
Mission Statement of The Cooperative Central Bank
The Cooperative Central Bank, a collective endeavor owned and operated by all 37 cooperative banks in Massachusetts, serves a crucial purpose. Its primary mission is to provide a reliable source of cash reserves and deposit insurance for these banks, benefiting their depositors as a whole. Operating under Massachusetts law, this nonprofit organization guarantees full deposit insurance for its member banks, safeguarding the financial wellbeing of their customers. The Cooperative Central Bank's role is essential in fostering financial stability and security within the cooperative banking sector of Massachusetts.
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Impact
October, 2024
The Cooperative Central Bank played a crucial role in the financial ecosystem of Massachusetts by providing cash reserves and deposit insurance specifically for cooperative banks within the state. This support system ensured that member banks had a reliable source of liquidity, enabling them to manage daily operations effectively and meet depositor demands.
By offering insurance coverage for deposits in compliance with Massachusetts law, the bank reassured depositors of their financial security, fostering trust in cooperative banking institutions. As a result, this contributed to the stability of the cooperative banking sector, ultimately benefiting all depositors involved. The bank operated solely for their mutual benefit, reinforcing a collaborative approach among the 37 cooperative banks it served. This collective effort not only promoted financial resilience but also strengthened the community-oriented focus that characterizes cooperative banking.
This information is meant to be a general summary of The Cooperative Central Bank. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2020.
- Investment Income: $1,449,844
- Program Service Revenue: $682,356
- Gross Receipts: $19,946,795
Assets and Liabilities:
- Total Assets: $0
- Total Liabilities: $0
- Net Assets: $0
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
DEPOSIT INSURANCE ASSESSMENTS
Revenue
$682,356
Organization Details
Founding Year
1932
Phone
(781) 994-4151Principal Officer
Andrew J Calamare
Main Address
ONE LINSCOTT ROAD, WOBURN, MA, 01801
Website
www.coopcentralbank.comNTEE Category
Code: Y20 - Mutual benefit
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