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National Credit Union Service Organization

MIDCOAST FEDERAL CREDIT UNION

Dec, 31, 2020 — MIDCOAST FEDERAL CREDIT UNION is a federal credit union headquartered in FREEPORT, ME with 5 branch locations and about $217.71 million in total assets. Opened 65 years ago in 1956, MIDCOAST FEDERAL CREDIT UNION has about 15,420 members and employs 65 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


ABA Routing Number: 211287476
Name:MIDCOAST FEDERAL CREDIT UNION
Address:
(Main Office)
186 LOWER MAIN STREET
FREEPORT, ME 04032
Phone:(207) 865-4443
Fax:(207) 865-0876
Website:https://midcoastfcu.me
Branches:5 branch locations
Members:15,420
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, 2019
FHLB Member:Yes
Low Income Designation:No
Assets:$217,714,341
CEO/Manager:Joseph R Gervais
Chairperson:Richard Hart

Call Report

  • Commercial Loans
  • Credit Builder
  • Overdraft Protection
  • Participation Loans
  • Real Estate Loans
  • Risk Based Loans
  • Share Secured Credit Cards
  • ATM/Debit Card Program
  • Commercial Share Accounts
  • Health Savings Accounts
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 15,851,396
TOTAL INVESTMENTS 22,132,313
Loans Held for Sale 0
 
 Real Estate Loans 120,995,116
 Unsecured Loans 8,919,920
 Other Loans 29,899,561
 TOTAL LOANS 159,814,597
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -579,417
 Land And Building 7,056,655
 Other Fixed Assets 837,940
 NCUSIF Deposit 1,782,130
 All Other Assets 10,818,727
  TOTAL ASSETS 217,714,341
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 961,354
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 35,822,633
 Regular shares 61,376,778
 All Other Shares & Deposits 95,975,339
  TOTAL SHARES & DEPOSITS 193,174,750
  TOTAL LIABILITIES 194,136,104
 Regular Reserve 3,232,748
 Other Reserves 538,205
 Undivided Earnings 19,807,284
  TOTAL EQUITY 23,578,237
  TOTAL LIABILITIES, SHARES, & EQUITY 217,714,341
INCOME & EXPENSE  
 Loan Income 7,300,207
 Investment Income 543,514
 Other Income 2,776,440
 Total Employee Compensation & Benefits 5,635,631
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 4,089,718
 Non-operating Income & (Expense) -65,603
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 329,000
 Cost of Funds 838,121
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) -337,912
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