Dec, 31, 2023 — OTIS FEDERAL CREDIT UNION is a federal credit union headquartered in JAY, ME with 1 branch location and about $242.19 million in total assets. Opened 70 years ago in 1954, OTIS FEDERAL CREDIT UNION has about 11,211 members and employs 28 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | OTIS FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 170 Main St JAY, ME 04239-4902 |
| Phone: | (207) 897-0900 |
| Fax: | (207) 897-3927 |
| Website: | https://www.otisfcu.coop |
| Branches: | 1 branch locations |
| Members: | 11,211 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 9349 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1954 |
| Last Audited: | Nov 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $242,190,861 |
| CEO/Manager: | Christopher T Bouchard |
| Chairperson: | Duane Lake |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 28,632,012 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 30,517,176 |
| Unsecured Loans | 12,638,564 |
| Other Loans | 52,292,684 |
| TOTAL LOANS | 95,448,424 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -302,041 |
| Land And Building | 1,399,666 |
| Other Fixed Assets | 291,110 |
| NCUSIF Deposit | 1,968,905 |
| All Other Assets | 0 |
| TOTAL ASSETS | 242,190,861 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 1,724,059 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 24,320,516 |
| Regular shares | 77,325,879 |
| All Other Shares & Deposits | 101,141,193 |
| TOTAL SHARES & DEPOSITS | 202,787,590 |
| TOTAL LIABILITIES | 204,511,649 |
| Regular Reserve | 0 |
| Other Reserves | -632,965 |
| Undivided Earnings | 38,312,177 |
| TOTAL EQUITY | 37,679,212 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 242,190,861 |
| INCOME & EXPENSE | |
| Loan Income | 4,862,074 |
| Investment Income | 4,569,609 |
| Other Income | 978,047 |
| Total Employee Compensation & Benefits | 2,552,156 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 2,679,945 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 194,000 |
| Cost of Funds | 3,169,277 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 3,988,308 |
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