Dec, 31, 2022 — DOWNEAST CREDIT UNION is a federally insured state chartered credit union headquartered in BAILEYVILLE, ME with 8 branch locations and about $265.57 million in total assets. Opened 82 years ago in 1941, DOWNEAST CREDIT UNION has about 22,502 members and employs 92 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: | 22,502 |
| 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, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $265,569,535 |
| CEO/Manager: | Joseph Moses |
| Chairperson: | Mason Pottle |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 15,574,730 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 39,875,414 |
| Unsecured Loans | 12,820,351 |
| Other Loans | 164,406,926 |
| TOTAL LOANS | 217,102,691 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,382,056 |
| Land And Building | 6,827,076 |
| Other Fixed Assets | 1,454,523 |
| NCUSIF Deposit | 2,047,048 |
| All Other Assets | 89,304 |
| TOTAL ASSETS | 265,569,535 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 2,000,000 |
| Accounts Payable & Other Liabilities | 2,447,207 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 39,322,306 |
| Regular shares | 81,251,746 |
| All Other Shares & Deposits | 112,728,222 |
| TOTAL SHARES & DEPOSITS | 233,302,274 |
| TOTAL LIABILITIES | 237,749,481 |
| Regular Reserve | 0 |
| Other Reserves | 371,501 |
| Undivided Earnings | 27,448,553 |
| TOTAL EQUITY | 27,820,054 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 265,569,535 |
| INCOME & EXPENSE | |
| Loan Income | 7,126,908 |
| Investment Income | 121,331 |
| Other Income | 545,607 |
| Total Employee Compensation & Benefits | 5,053,221 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 3,982,439 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | -854,016 |
| Cost of Funds | 600,319 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 3,469,880 |
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