Rainbow Credit Union
Rainbow Credit Union is headquartered in Lewiston and is the 11st largest credit union in the state of Maine. It is also the 992nd largest credit union in the nation. It was established in 1956 and as of December of 2013, it had grown to 53 employees and 21,443 members. Rainbow Credit Union has a A+ health rating.
Field of Membership Restrictions
Must live, work or attend school in Androscoggin County, Oxford County or New Gloucester. - 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 Rainbow Credit Union had $1.14 million in non-current loans and owned real-estate with $22.54 million in equity and loan loss allowances on hand to cover it. This gives Rainbow Credit Union a Texas Ratio of 5.07% 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 Rainbow Credit Union decreased slightly from 6.42% as of December 31, 2012 to 5.07% as of December 31, 2013, resulting in a positive change of 21.07%.This indicates that the balance sheet and financial strength for Rainbow Credit Union has improved slightly in recent periods.
Deposit Growth
In the past year, Rainbow Credit Union has increased its total deposits by $3.58 million, resulting in 2.66% 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 Rainbow Credit Union has shown is above average.
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. Rainbow Credit Union has $179.5 million in assets with $22.54 million in equity, resulting in a capitalization level of 12.56%, which is excellent.
Institution Statistics
| Overall | |
|---|---|
| NCUA # | 11144 |
| Year Chartered | 1956 |
| Employees | 53 |
| Primary Regulator |
| Assets and Liabilities | |
|---|---|
| Assets | $179.50 million |
| Loans | $117.85 million |
| Deposits | $138.05 million |
| Equity Capital | $22.11 million |
| Loan Loss Allowance | $436,000 |
| Unbacked Noncurrent Loans | $694,000 |
| Real Estate Owned | $449,000 |
| Historic Data - December 2012 | |
|---|---|
| Assets | $169.84 million |
| Equity Capital | $20.60 million |
| Loan Loss Allowance | $618,000 |
| Unbacked Noncurrent Loans | $694,000 |
| Real Estate Owned | $477,000 |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 3.89% |
| Return on Assets | 0.7% |
| Return on Equity | 5.71% |
| Interest Income | $5.46 million |
Always verify rates and promotions with the bank or credit union. We are not Rainbow Credit Union, we are a rate comparison website and can not provide official rates or promotions.
Rainbow Credit Union Savings Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.25% | - | - | IRA Variable | |
| 0.25% | - | - | Roth IRA Variable | |
| 0.25% | - | - | CESA Variable | |
| 0.10% | $25 | - | Shares | |
| 0.10% | - | - | Clubs |
Rainbow Credit Union Money Market Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.35% | $50k | - | Variable Money Market |
Rainbow Credit Union Checking Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.05% | $500 | - | Share Draft |
Rainbow Credit Union CD Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.36% | $90k | - | 5 Year Jumbo CD | |
| 1.31% | $500 | - | 5 Year CD | |
| 1.11% | $90k | - | 4 Year Jumbo CD | |
| 1.01% | $500 | - | 4 Year CD | |
| 0.90% | $90k | - | 3 Year Jumbo CD | |
| 0.80% | $500 | - | 3 Year CD | |
| 0.70% | $90k | - | 2 Year Jumbo CD | |
| 0.60% | $500 | - | 2 Year CD | |
| 0.50% | $500 | - | 15 Month CD | |
| 0.50% | $90k | - | 1 Year Jumbo CD | |
| 0.40% | $500 | - | 1 Year CD | |
| 0.40% | $90k | - | 6 Month Jumbo CD | |
| 0.30% | $500 | - | 6 Month CD | |
| 0.10% | $500 | - | 3 Month CD |
Rainbow Credit Union IRA Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.36% | $90k | - | 5 Year Jumbo IRA (Traditional,Roth,CESA) | |
| 1.31% | $500 | - | 5 Year IRA (Traditional,Roth,CESA) | |
| 1.11% | $90k | - | 4 Year Jumbo IRA (Traditional,Roth,CESA) | |
| 1.01% | $500 | - | 4 Year IRA (Traditional,Roth,CESA) | |
| 0.90% | $90k | - | 3 Year Jumbo IRA (Traditional,Roth,CESA) | |
| 0.80% | $500 | - | 3 Year IRA (Traditional,Roth,CESA) | |
| 0.70% | $90k | - | 2 Year Jumbo IRA (Traditional,Roth,CESA) | |
| 0.60% | $500 | - | 2 Year IRA (Traditional,Roth,CESA) | |
| 0.50% | $90k | - | 1 Year Jumbo IRA (Traditional,Roth,CESA) | |
| 0.40% | $500 | - | 1 Year IRA (Traditional,Roth,CESA) | |
| 0.40% | $90k | - | 6 Month Jumbo IRA (Traditional,Roth,CESA) |
| Rainbow Credit Union Locations | ||
|---|---|---|
| Branch Office | 391 Main St | Lewiston, ME 04240 |
| Branch Office | 209 Lincoln Ave | Rumford, ME 04276 |
| Branch Office | 1 Pionite Rd | Auburn, ME 04210 |
| Branch Office | 172 Pine St | South Paris, ME 04281 |
| Branch Office | 20 Washington St N | Auburn, ME 04210 |
| Branch Office | 1 Lewiston St | Mechanic Falls, ME 04256 |