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Overview / Commentary
800-427-1223
23 Third Ave
Baileyville, ME 04694

Down East Credit Union is headquartered in Baileyville and is the 23rd largest credit union in the state of Maine. It is also the 1,393rd largest credit union in the nation. It was established in 1941 and as of December of 2013, it had grown to 64 employees and 16,283 members. Down East Credit Union's money market rates are 14% higher than the national average, and it has a B health rating.

Field of Membership Restrictions

Must live, work, worship or attend school in Hancock County, Kennebec County, Knox County, Lincoln County, Penobscot County, Sagadahoc County, Waldo County, Washington County, the town of Brunswick or Harpswell in Cumberland County. - See Details

Reviews (1)

Fairly Disapointed

First let me say, this is in regards to the Branch in Richmond, Maine. We haven't had any experiences at any other branches. Both my husband and I have checking accounts and I have a college savings type account for my child too. There new building was just resurrecting. Extremely inconvenient that the bank and it's employees didn't conduct the actual move on the weekend instead of during the week. They closed down for business, which was extremely inconvenient. Their hours are limited. Staying open only until 4. It seems they don't go out of their way to make banking any more convenient. They moved their ATM machine, to the inside. Accessible only to card holders after hours. I have a debit card with them, and it still doesn't open the door. The tellers inside are ALWAYS grumpy. NEVER a smile or a kind word. When I try to use their "convenient" shared branching service, I just get a lot of guff. It's like they are put out by doing it. Lastly, we called about getting a loan to buy some land, we never got a call back as promised, and had to call back ourselves a week later. Really disappointed with this local bank. They are physical convenient, but all the hassle and bad attitudes make us not want to bank there. As far as the ATM, I have heard from lots of townspeople that this is really inconvenient. They will end up losing business to the other local banks in town for this.



Health

Data for Q4 2013

Institution Health

B

Texas Ratio

GRADE:
C+

The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 Down East Credit Union had $2.97 million in non-current loans and owned real-estate with $10.52 million in equity and loan loss allowances on hand to cover it. This gives Down East Credit Union a Texas Ratio of 28.27% which is average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
C-

The Texas Ratio for Down East Credit Union increased slightly from 17.26% as of December 31, 2012 to 28.27% as of December 31, 2013, resulting in a negative change of 63.83%. This indicates that the balance sheet and financial strength for Down East Credit Union has declined slightly in recent periods.

Deposit Growth

GRADE:
A+

In the past year, Down East Credit Union has increased its total deposits by $14.57 million, resulting in 18.18% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Down East Credit Union has shown is excellent.

Capitalization

GRADE:
B

Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Down East Credit Union has $109.96 million in assets with $10.52 million in equity, resulting in a capitalization level of 9.57%, which is above average.

Institution Statistics

Overall
NCUA #68563
Year Chartered1941
Employees64
Primary Regulator
Assets and Liabilities
Assets$109.96 million
Loans$87.98 million
Deposits$94.69 million
Equity Capital$10.01 million
Loan Loss Allowance$507,000
Unbacked Noncurrent Loans$2.22 million
Real Estate Owned$753,000
Historic Data - December 2012
Assets$97.64 million
Equity Capital$9.14 million
Loan Loss Allowance$337,000
Unbacked Noncurrent Loans$2.22 million
Real Estate Owned$845,000
Profit Margin - Quarterly
Net Interest Margin4.76%
Return on Assets0.79%
Return on Equity8.73%
Interest Income$4.70 million
Rates

Always verify rates and promotions with the bank or credit union. We are not Down East Credit Union, we are a rate comparison website and can not provide official rates or promotions.

Down East Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.50%--IRA Savings Account
0.50%--Educational IRA Savings Account
0.50%--Roth IRA Savings Account
0.10%--Share Savings Account
0.10%--Club Account

Down East Credit Union Money Market Rates

DetailsAPYMINMAXPRODUCT
0.50%$100k-Money Market Account
0.10%$25k-Commercial Money Market Account

Down East Credit Union Checking Account Rates

DetailsAPYMINMAXPRODUCT
0.05%$2,500-Commercial Share Draft Account

Down East Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
1.35%$500-5 Year Share Certificate
1.00%$500-4 Year Share Certificate
0.85%$500-3 Year Share Certificate
0.80%$500-7 Month Share Certificate Special
0.60%$500-2 Year Share Certificate
0.60%--2 Year Sow & Grow Share Certificate
0.35%$500-1 Year Share Certificate
0.35%--1 Year Sow & Grow Share Certificate
0.25%$500-6 Month Share Certificate

Down East Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
1.35%$500-5 Year IRA Certificate (Traditional,Roth,CESA)
1.00%$500-4 Year IRA Certificate (Traditional,Roth,CESA)
0.85%$500-3 Year IRA Certificate (Traditional,Roth,CESA)
0.80%$500-7 Month IRA Certificate Special (Traditional,CESA,Roth)
0.60%$500-2 Year IRA Certificate (Traditional,Roth,CESA)
0.35%$500-1 Year IRA Certificate (Traditional,Roth,CESA)
0.25%$500-6 Month IRA Certificate (Traditional,Roth,CESA)
Locations


Down East Credit Union Locations
Branch Office92 Lincolnville AveBelfast, ME 04915
Branch Office151 Main StRichmond, ME 04357
Branch Office23 Third AveBaileyville, ME 04694
Branch Office295 North St Ste 2Calais, ME 04619
Branch Office24 Springer Dr Ste 111Bangor, ME 04401
Branch Office58 School StUnity, ME 04988
Branch Office94 Main StTopsham, ME 04086
Branch Office211 Main StMachias, ME 04654