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SOUTHCOAST FEDERAL CREDIT UNION

Mar, 31, 2021 — SOUTHCOAST FEDERAL CREDIT UNION is a federal credit union headquartered in New Bedford, MA with 6 branch locations and about $59.55 million in total assets. Opened 45 years ago in 1976, SOUTHCOAST FEDERAL CREDIT UNION has about 4,330 members and employs 18 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:http://www.southcoastcu.org
Branches:6 branch locations
Members:4,330
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, 2020
FHLB Member:Yes
Low Income Designation:No
Assets:$59,545,860
CEO/Manager:Duarte D Silva
Chairperson:Earl DeLacy

Call Report

  • Credit Builder
  • Micro Consumer Loans
  • Overdraft Protection
  • Participation Loans
  • Real Estate Loans
  • Risk Based Loans
  • Share Secured Credit Cards
  • ATM/Debit Card Program
  • Commercial Share Accounts
  • Check Cashing
  • First Time Homebuyer Program
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 23,860,422
TOTAL INVESTMENTS 5,933,051
Loans Held for Sale 0
 
 Real Estate Loans 22,008,161
 Unsecured Loans 1,022,431
 Other Loans 5,104,018
 TOTAL LOANS 28,134,610
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -825,837
 Land And Building 1,617,137
 Other Fixed Assets 92,689
 NCUSIF Deposit 419,789
 All Other Assets 313,999
  TOTAL ASSETS 59,545,860
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 5,000,000
 Accounts Payable & Other Liabilities 471,526
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 7,300,428
 Regular shares 29,869,872
 All Other Shares & Deposits 11,135,622
  TOTAL SHARES & DEPOSITS 48,305,922
  TOTAL LIABILITIES 53,777,448
 Regular Reserve 607,062
 Other Reserves -66,070
 Undivided Earnings 5,227,420
  TOTAL EQUITY 5,768,412
  TOTAL LIABILITIES, SHARES, & EQUITY 59,545,860
INCOME & EXPENSE  
 Loan Income 267,936
 Investment Income 23,463
 Other Income 48,825
 Total Employee Compensation & Benefits 191,293
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 197,852
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 7,500
 Cost of Funds 44,128
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) -38,073
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