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207-284-5918
1 Pool St
Biddeford, ME 04005

Ocean Communities Federal Credit Union is headquartered in Biddeford and is the 16st largest credit union in the state of Maine. It is also the 1,128th largest credit union in the nation. It was established in 1948 and as of March of 2014, it had grown to 55 employees and 11,767 members. Ocean Communities Federal Credit Union's savings rates are 94% higher than the national average, and it has a B health rating.

Field of Membership Restrictions

Membership at Ocean Communities Federal Credit Union is open to people who live, work, worship, or attend school in, and businesses and other entities located in York County, Maine or Cumberland County, Maine. - See Details

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Reviews (1)

Ocean Communities Federal Credit Union

Excellent Office/Tellers/CSRs.  The one who signed me up over a year ago, still greets me by name when I walk in.  They have honored all reward checking claims since I've been there.  Whenever I've had a concern or question, they have patiently and politely handled my concern or answered my question. 

Highly recommend them. 

Only drawback is that it is LOCAL only.  I would like to think that helps them stay on top of their Lending standards.



Health

Data for Q1 2014

Institution Health

B

Texas Ratio

GRADE:
B

The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Ocean Communities Federal Credit Union had $2.13 million in non-current loans and owned real-estate with $12.74 million in equity and loan loss allowances on hand to cover it. This gives Ocean Communities Federal Credit Union a Texas Ratio of 16.70% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
B

The Texas Ratio for Ocean Communities Federal Credit Union decreased slightly from 18.88% as of March 31, 2013 to 16.70% as of March 31, 2014, resulting in a positive change of 11.55%.This indicates that the balance sheet and financial strength for Ocean Communities Federal Credit Union has improved slightly in recent periods.

Deposit Growth

GRADE:
A

In the past year, Ocean Communities Federal Credit Union has increased its total deposits by $5.41 million, resulting in 4.05% 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 Ocean Communities Federal Credit Union has shown is excellent.

Capitalization

GRADE:
C

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. Ocean Communities Federal Credit Union has $154.22 million in assets with $12.74 million in equity, resulting in a capitalization level of 8.26%, which is average.

Institution Statistics

Overall
NCUA #5890
Year Chartered1948
Employees55
Primary Regulator
Assets and Liabilities
Assets$154.22 million
Loans$120.90 million
Deposits$138.79 million
Equity Capital$11.25 million
Loan Loss Allowance$1.50 million
Unbacked Noncurrent Loans$2.10 million
Real Estate Owned$31,000
Historic Data - March 2013
Assets$150.62 million
Equity Capital$12.13 million
Loan Loss Allowance$801,000
Unbacked Noncurrent Loans$2.10 million
Real Estate Owned$55,000
Profit Margin - Quarterly
Net Interest Margin1.06%
Return on Assets0.15%
Return on Equity1.99%
Interest Income$1.56 million
Rates

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

Ocean Communities Federal Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
1.01%-$50kKasasa Saver - Qualifying
0.25%--Passbook IRA
0.25%--Passbook Roth IRA
0.25%--Passbook CESA
0.10%$250-Savings (Share) Account
0.10%--Marty Moose
0.10%--Student Plus
0.10%--Club
0.05%--Kasasa Saver - Non Qualifying

Ocean Communities Federal Credit Union Money Market Rates

DetailsAPYMINMAXPRODUCT
0.30%$250k-Money Market Account

Ocean Communities Federal Credit Union Checking Account Rates

DetailsAPYMINMAXPRODUCT
2.01%-$10kKasasa Cash - Qualifying
0.05%--Kasasa Cash - Non Qualifying

Ocean Communities Federal Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
1.70%$500-5 Year Share Certificate Account
1.20%$500-4 Year Share Certificate Account
1.00%$500-3 Year Share Certificate Account
0.75%$500-2 Year Share Certificate Account
0.45%$500-1 Year Share Certificate Account
0.35%$500-6 Month Share Certificate Account

Ocean Communities Federal Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
1.70%$500-5 Year IRA
1.20%$500-4 Year IRA
1.00%$500-3 Year IRA
0.75%$500-2 Year IRA
0.45%$500-1 Year IRA
0.35%$500-6 Month IRA
Locations


Ocean Communities Federal Credit Union Locations
Branch Office45 Portland RdKennebunk, ME 04043
Branch Office48 Alfred RdSanford, ME 04073
Branch Office17 Westbrook CmnWestbrook, ME 04092
Branch Office4 Market Place DrYork, ME 03909
Branch Office1001 Portland RdSaco, ME 04072
Branch Office1 Pool StBiddeford, ME 04005