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800-464-3773
P.O. Box 1096
Augusta, ME 04330

Maine Education Credit Union is headquartered in AUGUSTA and is the 49th largest credit union in the state of Maine. It is also the 2,846th largest credit union in the nation. It was established in 1967 and as of December of 2013, it had grown to 9 employees and 4,031 members. Maine Education Credit Union has a B+ health rating.

Field of Membership Restrictions

Must be an employee of the Maine Education Association, any of its governance affiliates, the Kennebec Valley Chamber of Commerce or Employment Specialists of Maine. Also open to those who live, work, worship or attend school in Kennebec or Somerset County. - See Details

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Health

Data for Q4 2013

Institution Health

B+
Additional Factors: Institutions with a small asset base or a short operating history can represent an instability risk beyond what their financial ratios indicate. Maine Education Credit Union has a 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 Maine Education Credit Union had $52,000 in non-current loans and owned real-estate with $3.77 million in equity and loan loss allowances on hand to cover it. This gives Maine Education Credit Union a Texas Ratio of 1.38% 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 Maine Education Credit Union decreased dramatically from 2.78% as of December 31, 2012 to 1.38% as of December 31, 2013, resulting in a positive change of 50.38%.This indicates that the balance sheet and financial strength for Maine Education Credit Union has improved dramatically in recent periods.

Deposit Growth

GRADE:
B+

In the past year, Maine Education Credit Union has increased its total deposits by $643,000, resulting in 2.33% 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 Maine Education Credit Union has shown is above average.

Capitalization

GRADE:
A

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. Maine Education Credit Union has $32.05 million in assets with $3.77 million in equity, resulting in a capitalization level of 11.77%, which is excellent.

Institution Statistics

Overall
NCUA #62976
Year Chartered1967
Employees9
Primary Regulator
Assets and Liabilities
Assets$32.05 million
Loans$19.48 million
Deposits$28.24 million
Equity Capital$3.70 million
Loan Loss Allowance$69,000
Unbacked Noncurrent Loans$52,000
Real Estate Owned$0
Historic Data - December 2012
Assets$31.26 million
Equity Capital$3.56 million
Loan Loss Allowance$76,000
Unbacked Noncurrent Loans$52,000
Real Estate Owned$0
Profit Margin - Quarterly
Net Interest Margin4.5%
Return on Assets0.45%
Return on Equity3.89%
Interest Income$998,000
Rates
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Maine Education Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.25%$100k-High Yield Shares Account
0.20%--Traditional IRA Shares Account
0.20%--Roth IRA Shares Account
0.20%--Education IRA Shares Account
0.10%--Regular Shares Account
0.10%--All Purpose Club Account
0.10%--Christmas Club Account

Maine Education Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
1.51%$2k-60 Month CD
1.21%$2k-48 Month CD
1.01%$2k-36 Month CD
0.75%$2k-24 Month CD
0.75%$500-36 Month Super Saver CD
0.55%$2k-15 Month CD Special
0.50%$2k-12 Month CD
0.50%$500-24 Month Super Saver CD
0.40%$2k-6 Month CD
0.30%$500-12 Month Super Saver CD
0.20%$500-6 Month Super Saver CD

Maine Education Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
1.51%$2k-60 Month Traditional IRA (Traditional,Roth,CESA)
1.21%$2k-48 Month Traditional IRA (Traditional,Roth,CESA)
1.01%$2k-36 Month Traditional IRA (Traditional,Roth,CESA)
0.75%$2k-24 Month Traditional IRA (Traditional,Roth,CESA)
0.50%$2k-12 Month Traditional IRA (Traditional,Roth,CESA)
0.40%$2k-6 Month Traditional IRA (Traditional,Roth,CESA)
Locations


Maine Education Credit Union Locations
Branch Office15 UNIVERSITY DRAUGUSTA, ME 04330
Branch Office40 Pierce DrAugusta, ME 04330
Branch Office60 S CHESTNUT STAUGUSTA, ME 04330