Sep, 30, 2025 — NORSTATE FEDERAL CREDIT UNION is a federal credit union headquartered in MADAWASKA, ME with 6 branch locations and about $274.74 million in total assets. Opened 85 years ago in 1941, NORSTATE FEDERAL CREDIT UNION has about 14,200 members and employs 81 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | NORSTATE FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 78 Fox St MADAWASKA, ME 04756 |
| Phone: | (207) 728-7555 |
| Fax: | (207) 728-6731 |
| Website: | https://www.norstatefcu.org |
| Branches: | 6 branch locations |
| Members: | 14,200 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 4261 |
|---|---|
| Membership Type: | Multiple common bond - other |
| Corporate Credit Union: | No |
| Year Opened: | 1941 |
| Last Audited: | Dec 01, 2024 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $274,743,322 |
| CEO/Manager: | Jeffrey A Davenport |
| Chairperson: | Leigh S Smith |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 6,870,838 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 119,761,268 |
| Unsecured Loans | 10,299,288 |
| Other Loans | 61,063,597 |
| TOTAL LOANS | 191,282,562 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -2,018,971 |
| Land And Building | 2,134,164 |
| Other Fixed Assets | 335,203 |
| NCUSIF (National Credit Union Share Insurance Fund) Deposit | 2,284,070 |
| All Other Assets | 325,531 |
| TOTAL ASSETS | 274,743,322 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 3,000,000 |
| Accounts Payable & Other Liabilities | 2,551,279 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 38,803,658 |
| Regular shares | 63,476,346 |
| All Other Shares & Deposits | 137,643,770 |
| TOTAL SHARES & DEPOSITS | 239,923,774 |
| TOTAL LIABILITIES | 245,516,962 |
| Regular Reserve | 0 |
| Other Reserves | 1,358,084 |
| Undivided Earnings | 27,868,276 |
| TOTAL EQUITY | 29,226,360 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 274,743,322 |
| INCOME & EXPENSE | |
| Loan Income | 9,145,974 |
| Investment Income | 1,739,783 |
| Other Income | 558,340 |
| Total Employee Compensation & Benefits | 4,772,862 |
| NCUSIF (National Credit Union Share Insurance Fund) Premiums Expense | 0 |
| Total Other Operating Expenses | 4,127,418 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 246,825 |
| Cost of Funds | 3,953,319 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | -531,389 |
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