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Overview / Commentary
207-872-7909
316 Benton Ave
Winslow, ME 04901

Taconnet Credit Union is headquartered in Winslow and is the 38th largest credit union in the state of Maine. It is also the 2,201st largest credit union in the nation. It was established in 1953 and as of March of 2014, it had grown to 17 employees and 7,410 members. Taconnet Credit Union has a B health rating.

Field of Membership Restrictions

If you live, work, or worship in Kennebec or Somerset County you, too, can become a member. Also, if you are related to someone who has an existing account at Taconnet. - See Details

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Health

Data for Q1 2014

Institution Health

B
Additional Factors: Institutions with a small asset base or a short operating history can represent an instability risk beyond what their financial ratios indicate. Taconnet Credit Union has a relatively low asset base.

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 Taconnet Credit Union had $175,000 in non-current loans and owned real-estate with $4.34 million in equity and loan loss allowances on hand to cover it. This gives Taconnet Credit Union a Texas Ratio of 4.04% 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 Taconnet Credit Union experienced no significant changes from 1.15% as of March 31, 2013 to 4.04% as of March 31, 2014, resulting in a negative change of 250.46%. This indicates that the balance sheet and financial strength for Taconnet Credit Union has had no significant changes in recent periods.

Deposit Growth

GRADE:
B+

In the past year, Taconnet Credit Union has increased its total deposits by $1.32 million, resulting in 2.68% 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 Taconnet Credit Union has shown is above average.

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. Taconnet Credit Union has $54.76 million in assets with $4.34 million in equity, resulting in a capitalization level of 7.92%, which is below average.

Institution Statistics

Overall
NCUA #9009
Year Chartered1953
Employees17
Primary Regulator
Assets and Liabilities
Assets$54.77 million
Loans$41.09 million
Deposits$50.48 million
Equity Capital$4.22 million
Loan Loss Allowance$118,000
Unbacked Noncurrent Loans$175,000
Real Estate Owned$0
Historic Data - March 2013
Assets$53.03 million
Equity Capital$3.66 million
Loan Loss Allowance$69,000
Unbacked Noncurrent Loans$175,000
Real Estate Owned$0
Profit Margin - Quarterly
Net Interest Margin1.39%
Return on Assets1.14%
Return on Equity14.8%
Interest Income$665,000
Rates
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Taconnet Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.25%$25-Share Account
0.25%--Club Account
0.25%--Traditional IRA
0.25%--Roth IRA
0.25%--Coverdell ESA

Taconnet Credit Union Checking Account Rates

DetailsAPYMINMAXPRODUCT
0.00%--Share Draft Account

Taconnet Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
1.51%$500-36 Month CD
1.51%$100-36 Month Monty Moose CD
1.51%$100-36 Month Youth CD
0.75%$500-24 Month CD
0.75%$100$30024 Month Monty Moose CD
0.75%$100$30024 Month Youth Account CD
0.65%$500-18 Month CD
0.65%$100$30018 Month Monty Moose CD
0.65%$100$30018 Month Youth Account CD
0.50%$500-12 Month CD
0.50%$100$30012 Month Monty Moose CD
0.50%$100$30012 Month Youth Account CD
0.40%$500-6 Month CD
0.40%$100$3006 Month Monty Moose CD
0.40%$100$3006 Month Youth Account CD

Taconnet Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
0.75%$500-24 Month IRA
0.65%$500-18 Month IRA
0.50%$500-12 Month IRA
0.40%$500-6 Month IRA
Locations


Taconnet Credit Union Locations
Branch Office1112 Waterville RdSkowhegan, ME 04976
Branch Office316 Benton AveWinslow, ME 04901
Branch Office2 Ledgeview DrWestbrook, ME 04092