Sep, 30, 2025 — SOUTHCOAST FEDERAL CREDIT UNION is a federal credit union headquartered in NEW BEDFORD, MA with 6 branch locations and about $58.65 million in total assets. Opened 50 years ago in 1976, SOUTHCOAST FEDERAL CREDIT UNION has about 4,378 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: | https://www.southcoastcu.org |
| Branches: | 6 branch locations |
| Members: | 4,378 |
| 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, 2024 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $58,648,640 |
| CEO/Manager: | Duarte D Silva |
| Chairperson: | Robert Fernandes |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 2,146,849 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 32,956,321 |
| Unsecured Loans | 1,149,133 |
| Other Loans | 4,179,789 |
| TOTAL LOANS | 38,285,243 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -146,704 |
| Land And Building | 1,276,500 |
| Other Fixed Assets | 257,478 |
| NCUSIF (National Credit Union Share Insurance Fund) Deposit | 458,914 |
| All Other Assets | 302,813 |
| TOTAL ASSETS | 58,648,640 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 3,236,028 |
| Accounts Payable & Other Liabilities | 175,996 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 9,235,148 |
| Regular shares | 26,873,239 |
| All Other Shares & Deposits | 10,959,192 |
| TOTAL SHARES & DEPOSITS | 47,067,579 |
| TOTAL LIABILITIES | 50,485,196 |
| Regular Reserve | 0 |
| Other Reserves | 1,368,534 |
| Undivided Earnings | 6,794,910 |
| TOTAL EQUITY | 8,163,444 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 58,648,640 |
| INCOME & EXPENSE | |
| Loan Income | 1,300,235 |
| Investment Income | 318,305 |
| Other Income | 193,288 |
| Total Employee Compensation & Benefits | 744,876 |
| NCUSIF (National Credit Union Share Insurance Fund) Premiums Expense | 0 |
| Total Other Operating Expenses | 748,726 |
| Non-operating Income & (Expense) | 173,841 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 22,500 |
| Cost of Funds | 302,497 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 193,570 |
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