Sep, 30, 2025 — MIDCOAST FEDERAL CREDIT UNION is a federal credit union headquartered in FREEPORT, ME with 5 branch locations and about $264.58 million in total assets. Opened 70 years ago in 1956, MIDCOAST FEDERAL CREDIT UNION has about 15,962 members and employs 70 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | MIDCOAST FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 186 Lower Main St FREEPORT, ME 04032 |
| Phone: | (207) 865-4443 |
| Fax: | (207) 865-0876 |
| Website: | https://www.midcoastfcu.me |
| Branches: | 5 branch locations |
| Members: | 15,962 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 10898 |
|---|---|
| Membership Type: | Community - Rural District |
| Corporate Credit Union: | No |
| Year Opened: | 1956 |
| Last Audited: | Dec 01, 2024 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $264,576,032 |
| CEO/Manager: | Joseph R Gervais |
| Chairperson: | Richard Hart |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 2,852,614 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 145,067,481 |
| Unsecured Loans | 10,936,962 |
| Other Loans | 60,531,295 |
| TOTAL LOANS | 216,535,738 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,070,475 |
| Land And Building | 6,879,901 |
| Other Fixed Assets | 551,067 |
| NCUSIF (National Credit Union Share Insurance Fund) Deposit | 2,349,753 |
| All Other Assets | 2,555 |
| TOTAL ASSETS | 264,576,032 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 5,000,000 |
| Accounts Payable & Other Liabilities | 1,990,290 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 38,946,677 |
| Regular shares | 78,494,878 |
| All Other Shares & Deposits | 113,715,727 |
| TOTAL SHARES & DEPOSITS | 231,157,282 |
| TOTAL LIABILITIES | 238,147,572 |
| Regular Reserve | 0 |
| Other Reserves | -2,503,620 |
| Undivided Earnings | 28,932,080 |
| TOTAL EQUITY | 26,428,460 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 264,576,032 |
| INCOME & EXPENSE | |
| Loan Income | 8,583,403 |
| Investment Income | 709,251 |
| Other Income | 1,338,631 |
| Total Employee Compensation & Benefits | 4,676,215 |
| NCUSIF (National Credit Union Share Insurance Fund) Premiums Expense | 0 |
| Total Other Operating Expenses | 3,562,388 |
| Non-operating Income & (Expense) | 8,840 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 338,915 |
| Cost of Funds | 2,240,765 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,024,941 |
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