Dec, 31, 2023 — NORSTATE FEDERAL CREDIT UNION is a federal credit union headquartered in MADAWASKA, ME with 6 branch locations and about $254.72 million in total assets. Opened 83 years ago in 1941, NORSTATE FEDERAL CREDIT UNION has about 14,532 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: | 14,532 |
| 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, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $254,720,606 |
| CEO/Manager: | Jeffrey A Davenport |
| Chairperson: | Leigh S Smith |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 7,834,261 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 116,848,373 |
| Unsecured Loans | 11,779,504 |
| Other Loans | 56,548,694 |
| TOTAL LOANS | 185,331,273 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,849,975 |
| Land And Building | 2,225,990 |
| Other Fixed Assets | 307,885 |
| NCUSIF Deposit | 2,202,993 |
| All Other Assets | 227,220 |
| TOTAL ASSETS | 254,720,606 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 6,000,000 |
| Accounts Payable & Other Liabilities | 2,322,564 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 38,411,024 |
| Regular shares | 62,534,277 |
| All Other Shares & Deposits | 115,905,796 |
| TOTAL SHARES & DEPOSITS | 216,851,097 |
| TOTAL LIABILITIES | 225,200,082 |
| Regular Reserve | 0 |
| Other Reserves | -200,693 |
| Undivided Earnings | 29,721,217 |
| TOTAL EQUITY | 29,520,524 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 254,720,606 |
| INCOME & EXPENSE | |
| Loan Income | 10,725,027 |
| Investment Income | 1,139,127 |
| Other Income | 732,145 |
| Total Employee Compensation & Benefits | 5,645,460 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 4,040,099 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 291,720 |
| Cost of Funds | 3,303,450 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,152,822 |
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