Midcoast Credit Union
Midcoast Credit Union is headquartered in Bath and is the 18st largest credit union in the state of Maine. It is also the 1,223rd largest credit union in the nation. It was established in 1956 and as of December of 2013, it had grown to 49 employees and 14,805 members. Midcoast Credit Union has a A+ health rating.
Field of Membership Restrictions
Must live, work, worship or attend school in Sagadahoc, Lincoln, Knox or Cumberland County (Brunswick, Harpswell or Freeport). - See Details
Data for Q4 2013
Institution Health
Texas Ratio
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 Midcoast Credit Union had $1.12 million in non-current loans and owned real-estate with $15.01 million in equity and loan loss allowances on hand to cover it. This gives Midcoast Credit Union a Texas Ratio of 7.46% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend
The Texas Ratio for Midcoast Credit Union decreased slightly from 10.24% as of December 31, 2012 to 7.46% as of December 31, 2013, resulting in a positive change of 27.12%.This indicates that the balance sheet and financial strength for Midcoast Credit Union has improved slightly in recent periods.
Deposit Growth
In the past year, Midcoast Credit Union has increased its total deposits by $5.45 million, resulting in 4.85% 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 Midcoast Credit Union has shown is excellent.
Capitalization
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. Midcoast Credit Union has $132.83 million in assets with $15.01 million in equity, resulting in a capitalization level of 11.30%, which is excellent.
Institution Statistics
| Overall | |
|---|---|
| NCUA # | 10898 |
| Year Chartered | 1956 |
| Employees | 49 |
| Primary Regulator |
| Assets and Liabilities | |
|---|---|
| Assets | $132.83 million |
| Loans | $77.75 million |
| Deposits | $117.98 million |
| Equity Capital | $14.44 million |
| Loan Loss Allowance | $565,000 |
| Unbacked Noncurrent Loans | $911,000 |
| Real Estate Owned | $209,000 |
| Historic Data - December 2012 | |
|---|---|
| Assets | $126.44 million |
| Equity Capital | $13.59 million |
| Loan Loss Allowance | $750,000 |
| Unbacked Noncurrent Loans | $911,000 |
| Real Estate Owned | $24,000 |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 4.86% |
| Return on Assets | 0.66% |
| Return on Equity | 6.06% |
| Interest Income | $4.55 million |
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Midcoast Credit Union Savings Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.45% | $10k | - | IRA Savings | |
| 0.45% | $10k | - | Roth IRA Savings | |
| 0.15% | - | - | Share Accounts | |
| 0.15% | - | - | Monty Moose Children's Savings Account | |
| 0.15% | - | - | Take Charge Teen Program | |
| 0.15% | - | - | Christmas Club | |
| 0.15% | - | - | All-Purpose Club | |
| 0.15% | - | - | Vacation clubs | |
| 0.15% | - | - | Tax clubs |
Midcoast Credit Union Money Market Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.30% | $20k | - | Money Market Account |
Midcoast Credit Union Checking Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.10% | $500 | - | Member "Plus" Checking | |
| 0.00% | - | - | Member Checking | |
| 0.00% | - | - | Free4Me Checking | |
| 0.00% | - | - | Coast Checking |
Midcoast Credit Union CD Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.51% | $1k | - | 5 Year CD | |
| 1.11% | $1k | - | 4 Year CD | |
| 0.85% | $1k | - | 3 Year CD | |
| 0.65% | $1k | - | 2 Year CD | |
| 0.45% | $1k | - | 15 Month CD | |
| 0.35% | $1k | - | 1 Year CD | |
| 0.25% | $1k | - | 6 Month CD |
Midcoast Credit Union IRA Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.51% | $1k | - | 5 Year IRA (Traditional,Roth) | |
| 1.11% | $1k | - | 4 Year IRA (Traditional,Roth) | |
| 0.85% | $1k | - | 3 Year IRA (Traditional,Roth) | |
| 0.65% | $1k | - | 2 Year IRA (Traditional,Roth) | |
| 0.35% | $1k | - | 1 Year IRA (Traditional,Roth) | |
| 0.25% | $1k | - | 6 Month IRA (Traditional,Roth) |
| Midcoast Credit Union Locations | ||
|---|---|---|
| Branch Office | 41 Route One | Edgecomb, ME 04556-3040 |
| Branch Office | 209 New County Rd | Thomaston, ME 04861-3116 |
| Branch Office | 831 Middle St | Bath, ME 04530-2401 |
| Branch Office | 6 Station Ave | Brunswick, ME 04011-2092 |