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National Credit Union Service Organization

MIDCOAST FEDERAL CREDIT UNION

Mar, 31, 2021 — MIDCOAST FEDERAL CREDIT UNION is a federal credit union headquartered in FREEPORT, ME with 5 branch locations and about $233.48 million in total assets. Opened 65 years ago in 1956, MIDCOAST FEDERAL CREDIT UNION has about 15,345 members and employs 64 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:15,345
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, 2020
FHLB Member:Yes
Low Income Designation:No
Assets:$233,483,730
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 32,656,839
TOTAL INVESTMENTS 22,765,605
Loans Held for Sale 0
 
 Real Estate Loans 124,267,043
 Unsecured Loans 8,246,313
 Other Loans 29,447,959
 TOTAL LOANS 161,961,315
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -598,980
 Land And Building 6,997,402
 Other Fixed Assets 784,138
 NCUSIF Deposit 1,782,130
 All Other Assets 7,135,281
  TOTAL ASSETS 233,483,730
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 944,545
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 40,069,236
 Regular shares 72,225,596
 All Other Shares & Deposits 96,749,409
  TOTAL SHARES & DEPOSITS 209,044,241
  TOTAL LIABILITIES 209,988,786
 Regular Reserve 3,232,748
 Other Reserves 140,464
 Undivided Earnings 20,121,732
  TOTAL EQUITY 23,494,944
  TOTAL LIABILITIES, SHARES, & EQUITY 233,483,730
INCOME & EXPENSE  
 Loan Income 1,794,218
 Investment Income 100,955
 Other Income 721,851
 Total Employee Compensation & Benefits 1,158,547
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 1,057,057
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 20,000
 Cost of Funds 126,637
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 314,448
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