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Overview / Commentary
207-897-0900
170 Main St
Jay, ME 04239-4902

Otis Credit Union is headquartered in Jay and is the 18st largest credit union in the state of Maine. It is also the 1,238th largest credit union in the nation. It was established in 1954 and as of March of 2014, it had grown to 22 employees and 10,551 members. Otis Credit Union has a A+ health rating.

Field of Membership Restrictions

Must live, work, worship or attend school in Franklin County, Canton, Fayette, Hartford, Leeds, Livermore, Livermore Falls, Mount Vernon, Readfield, Turner, Vienna or Wayne. - See Details

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Health

Data for Q1 2014

Institution Health

A+

Texas Ratio

GRADE:
A+

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 Otis Credit Union had $920,000 in non-current loans and owned real-estate with $22.85 million in equity and loan loss allowances on hand to cover it. This gives Otis Credit Union a Texas Ratio of 4.03% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
C+

The Texas Ratio for Otis Credit Union experienced no significant changes from 3.45% as of March 31, 2013 to 4.03% as of March 31, 2014, resulting in a negative change of 16.54%. This indicates that the balance sheet and financial strength for Otis Credit Union has had no significant changes in recent periods.

Deposit Growth

GRADE:
A

In the past year, Otis Credit Union has increased its total deposits by $5.06 million, resulting in 4.69% 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 Otis Credit Union has shown is excellent.

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. Otis Credit Union has $135.75 million in assets with $22.85 million in equity, resulting in a capitalization level of 16.83%, which is excellent.

Institution Statistics

Overall
NCUA #9349
Year Chartered1954
Employees22
Primary Regulator
Assets and Liabilities
Assets$135.75 million
Loans$67.17 million
Deposits$113.01 million
Equity Capital$22.55 million
Loan Loss Allowance$307,000
Unbacked Noncurrent Loans$856,000
Real Estate Owned$64,000
Historic Data - March 2013
Assets$129.92 million
Equity Capital$21.77 million
Loan Loss Allowance$229,000
Unbacked Noncurrent Loans$856,000
Real Estate Owned$0
Profit Margin - Quarterly
Return on Assets0.78%
Return on Equity4.68%
Interest Income$956,000
Rates

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

Otis Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.25%$25-IRA Share
0.25%$25-Roth IRA Share
0.25%$25-Coverdell Educational IRA Share
0.25%$20k-Health Savings Account
0.20%$25-Membership Share
0.20%--Coindexter Club
0.20%--Club Account
0.20%--Holiday Club

Otis Credit Union Money Market Rates

DetailsAPYMINMAXPRODUCT
0.25%$20k-Money Management

Otis Credit Union Checking Account Rates

DetailsAPYMINMAXPRODUCT
0.00%--Share Draft

Otis Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
1.75%$500-60 Month Share Certificate
1.40%$500-48-59 Month Share Certificate
0.90%$500-36-47 Month Share Certificate
0.60%$500-24-35 Month Share Certificate
0.45%$500-12-23 Month Share Certificate
0.35%$500-6-11 Month Share Certificate

Otis Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
1.75%$500-60 Month IRA Certificate
1.40%$500-48-59 Month IRA Certificate
0.90%$500-36-47 Month IRA Certificate
0.60%$500-24-35 Month IRA Certificate
0.45%$500-12-23 Month IRA Certificate
0.35%$500-6-11 Month IRA Certificate
Locations


Otis Credit Union Locations
Branch Office170 Main StJay, ME 04239-4902