Dec, 31, 2023 — DOWNEAST CREDIT UNION is a federally insured state chartered credit union headquartered in BAILEYVILLE, ME with 8 branch locations and about $264.98 million in total assets. Opened 83 years ago in 1941, DOWNEAST CREDIT UNION has about 22,188 members and employs 88 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | DOWNEAST CREDIT UNION |
|---|---|
| Address: (Main Office) | 23 Third Ave BAILEYVILLE, ME 04694 |
| Phone: | (207) 427-3333 |
| Fax: | (207) 512-1537 |
| Website: | https://www.downeastcu.com |
| Branches: | 8 branch locations |
| Members: | 22,188 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 68563 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1941 |
| Last Audited: | Mar 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $264,977,637 |
| CEO/Manager: | Joseph Moses |
| Chairperson: | Mason Pottle |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 7,035,896 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 41,215,448 |
| Unsecured Loans | 15,051,298 |
| Other Loans | 170,326,501 |
| TOTAL LOANS | 226,593,247 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -3,575,941 |
| Land And Building | 6,586,817 |
| Other Fixed Assets | 1,524,530 |
| NCUSIF Deposit | 2,024,999 |
| All Other Assets | 98,176 |
| TOTAL ASSETS | 264,977,637 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 3,317,759 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 35,003,658 |
| Regular shares | 62,781,465 |
| All Other Shares & Deposits | 137,365,099 |
| TOTAL SHARES & DEPOSITS | 235,150,222 |
| TOTAL LIABILITIES | 238,467,981 |
| Regular Reserve | 0 |
| Other Reserves | 430,803 |
| Undivided Earnings | 26,078,853 |
| TOTAL EQUITY | 26,509,656 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 264,977,637 |
| INCOME & EXPENSE | |
| Loan Income | 11,305,236 |
| Investment Income | 725,408 |
| Other Income | 857,572 |
| Total Employee Compensation & Benefits | 7,327,933 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 5,616,697 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 202,745 |
| Cost of Funds | 3,632,989 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,048,441 |
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» See also Statement of Financial Condition