Dec, 31, 2023 — MIDCOAST FEDERAL CREDIT UNION is a federal credit union headquartered in FREEPORT, ME with 5 branch locations and about $256.75 million in total assets. Opened 68 years ago in 1956, MIDCOAST FEDERAL CREDIT UNION has about 15,764 members and employs 75 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://midcoastfcu.me |
| Branches: | 5 branch locations |
| Members: | 15,764 |
| 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, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $256,750,355 |
| CEO/Manager: | Joseph R Gervais |
| Chairperson: | Richard Hart |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 6,234,686 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 142,469,783 |
| Unsecured Loans | 10,758,024 |
| Other Loans | 50,962,711 |
| TOTAL LOANS | 204,190,519 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,249,726 |
| Land And Building | 7,375,630 |
| Other Fixed Assets | 562,585 |
| NCUSIF Deposit | 2,176,395 |
| All Other Assets | 2,224 |
| TOTAL ASSETS | 256,750,355 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 7,100,000 |
| Accounts Payable & Other Liabilities | 1,779,167 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 41,135,188 |
| Regular shares | 71,308,015 |
| All Other Shares & Deposits | 111,997,443 |
| TOTAL SHARES & DEPOSITS | 224,440,646 |
| TOTAL LIABILITIES | 233,319,813 |
| Regular Reserve | 0 |
| Other Reserves | -3,670,587 |
| Undivided Earnings | 27,101,129 |
| TOTAL EQUITY | 23,430,542 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 256,750,355 |
| INCOME & EXPENSE | |
| Loan Income | 9,277,155 |
| Investment Income | 968,236 |
| Other Income | 1,661,299 |
| Total Employee Compensation & Benefits | 5,540,423 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 4,587,640 |
| Non-operating Income & (Expense) | 28,728 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 0 |
| Cost of Funds | 2,242,414 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,138,262 |
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