Dec, 31, 2023 — SOUTHCOAST FEDERAL CREDIT UNION is a federal credit union headquartered in NEW BEDFORD, MA with 6 branch locations and about $66.46 million in total assets. Opened 48 years ago in 1976, SOUTHCOAST FEDERAL CREDIT UNION has about 4,606 members and employs 22 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | SOUTHCOAST FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 271 Union St NEW BEDFORD, MA 02740 |
| Phone: | (508) 997-4475 |
| Fax: | |
| Website: | https://www.southcoastcu.org |
| Branches: | 6 branch locations |
| Members: | 4,606 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 22426 |
|---|---|
| Membership Type: | Multiple common bond - Primarily health care |
| Corporate Credit Union: | No |
| Year Opened: | 1976 |
| Last Audited: | Sep 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $66,456,638 |
| CEO/Manager: | Duarte D Silva |
| Chairperson: | Robert Fernandes |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 5,313,197 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 26,909,546 |
| Unsecured Loans | 1,303,542 |
| Other Loans | 6,202,332 |
| TOTAL LOANS | 34,415,421 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -137,911 |
| Land And Building | 1,321,135 |
| Other Fixed Assets | 349,955 |
| NCUSIF Deposit | 552,442 |
| All Other Assets | 81,500 |
| TOTAL ASSETS | 66,456,638 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 5,000,000 |
| Accounts Payable & Other Liabilities | 348,072 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 11,199,810 |
| Regular shares | 31,884,851 |
| All Other Shares & Deposits | 10,412,981 |
| TOTAL SHARES & DEPOSITS | 53,497,643 |
| TOTAL LIABILITIES | 58,845,715 |
| Regular Reserve | 0 |
| Other Reserves | 1,368,534 |
| Undivided Earnings | 6,242,389 |
| TOTAL EQUITY | 7,610,923 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 66,456,638 |
| INCOME & EXPENSE | |
| Loan Income | 1,279,393 |
| Investment Income | 857,163 |
| Other Income | 266,120 |
| Total Employee Compensation & Benefits | 914,696 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 905,596 |
| Non-operating Income & (Expense) | 423,717 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 30,000 |
| Cost of Funds | 196,749 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 779,352 |
| ↑ Back to Top | |