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.
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
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.
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.
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.
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.
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.
|Assets and Liabilities|
|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|
|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 Margin||1.06%|
|Return on Assets||0.15%|
|Return on Equity||1.99%|
|Interest Income||$1.56 million|
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|1.01%||-||$50k||Kasasa Saver - Qualifying|
|0.25%||-||-||Passbook Roth IRA|
|0.10%||$250||-||Savings (Share) Account|
|0.05%||-||-||Kasasa Saver - Non Qualifying|
|0.30%||$250k||-||Money Market Account|
|2.01%||-||$10k||Kasasa Cash - Qualifying|
|0.05%||-||-||Kasasa Cash - Non Qualifying|
|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|
|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|
|Ocean Communities Federal Credit Union Locations|
|Branch Office||45 Portland Rd||Kennebunk, ME 04043|
|Branch Office||48 Alfred Rd||Sanford, ME 04073|
|Branch Office||17 Westbrook Cmn||Westbrook, ME 04092|
|Branch Office||4 Market Place Dr||York, ME 03909|
|Branch Office||1001 Portland Rd||Saco, ME 04072|
|Branch Office||1 Pool St||Biddeford, ME 04005|