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Overview / Commentary
800-339-3228
26 Leavitt St
Skowhegan, ME 04976

Franklin-Somerset Credit Union is headquartered in SKOWHEGAN and is the 31st largest credit union in the state of Maine. It is also the 1,771st largest credit union in the nation. It was established in 1962 and as of December of 2013, it had grown to 25 employees and 9,962 members. Franklin-Somerset Credit Union has a A health rating.

Field of Membership Restrictions

Must live or work in Franklin or Somerset County. - See Details

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Health

Data for Q4 2013

Institution Health

A
Additional Factors: Institutions with a small asset base or a short operating history can represent an instability risk beyond what their financial ratios indicate. Franklin-Somerset Credit Union has a relatively low asset base.

Texas Ratio

GRADE:
A+

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 Franklin-Somerset Credit Union had $526,000 in non-current loans and owned real-estate with $7.58 million in equity and loan loss allowances on hand to cover it. This gives Franklin-Somerset Credit Union a Texas Ratio of 6.94% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
A+

The Texas Ratio for Franklin-Somerset Credit Union decreased dramatically from 11.94% as of December 31, 2012 to 6.94% as of December 31, 2013, resulting in a positive change of 41.93%.This indicates that the balance sheet and financial strength for Franklin-Somerset Credit Union has improved dramatically in recent periods.

Deposit Growth

GRADE:
A+

In the past year, Franklin-Somerset Credit Union has increased its total deposits by $3.86 million, resulting in 5.92% 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 Franklin-Somerset 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. Franklin-Somerset Credit Union has $76.86 million in assets with $7.58 million in equity, resulting in a capitalization level of 9.87%, which is above average.

Institution Statistics

Overall
NCUA #15159
Year Chartered1962
Employees25
Primary Regulator
Assets and Liabilities
Assets$76.86 million
Loans$47.51 million
Deposits$68.99 million
Equity Capital$7.46 million
Loan Loss Allowance$123,000
Unbacked Noncurrent Loans$411,000
Real Estate Owned$115,000
Historic Data - December 2012
Assets$72.77 million
Equity Capital$6.93 million
Loan Loss Allowance$129,000
Unbacked Noncurrent Loans$411,000
Real Estate Owned$89,000
Profit Margin - Quarterly
Net Interest Margin5.29%
Return on Assets0.69%
Return on Equity7.1%
Interest Income$2.96 million
Rates
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Franklin-Somerset Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.30%--IRA Club
0.30%--Education IRA Club
0.30%--Roth IRA Club
0.20%$2k-Share (Savings)
0.20%$2k-Youth Share Savings
0.15%--Christmas Club Savings
0.15%--All Purpose Club

Franklin-Somerset Credit Union Money Market Rates

DetailsAPYMINMAXPRODUCT
0.25%$100k-Money Market Share
0.05%$1,500-Money Market Share Draft

Franklin-Somerset Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
1.50%$500-84 Month CD
1.25%$500-60 Month CD
0.75%$500-36 Month CD
0.55%$500-24 Month CD
0.45%$500-18 Month CD
0.35%$500-12 Month CD
0.30%$500-6 Month CD

Franklin-Somerset Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
1.50%$500-84 Month IRA
1.25%$500-60 Month IRA
1.25%--5 Year Roth IRA
0.75%$500-36 Month IRA
0.75%--3 Year Education IRA
0.75%--3 Year Roth IRA
0.55%$500-24 Month IRA
0.55%--2 Year Roth IRA
0.45%$500-18 Month IRA
0.35%$500-12 Month IRA
0.35%--1 Year Education IRA
0.35%--1 Year Roth IRA
0.30%$500-6 Month IRA
Locations


Franklin-Somerset Credit Union Locations
Branch Office485 WILTON RDFARMINGTON, ME 04938
Branch Office26 LEAVITT STSKOWHEGAN, ME 04976
Branch Office476 MAIN STKINGFIELD, ME 04947
Branch Office20 MAIN STMADISON, ME 04950