Franklin-Somerset Federal Credit Union

Overview / Commentary
26 Leavitt St
Skowhegan, ME 04976

Franklin-Somerset Federal Credit Union is headquartered in MADISON and is the 29th largest credit union in the state of Maine. It is also the 1,606th largest credit union in the nation. It was established in 1962 and as of September of 2022, it had grown to 28 employees and 10,378 members at 6 locations. Franklin-Somerset Federal Credit Union's money market rates are 2X the national average, and it has an A health rating.

Field of Membership Restrictions

Membership is open to those who live or work in Franklin or Somerset Counties.
See current membership details

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Reviews (1)

Nice, local credit union

I am no longer a member of this credit union, having recently moved from Central Maine, but I lived in Farmington, ME, for several years, during which time I was a member of FSFCU. They had few branches (four, I believe), but this was not out of the ordinary for financial institutions in the area. My checking and savings accounts were nothing extraordinary, other than the fact that there were fewer fees than there are with many commercial banks. The savings interest rate was nothing to write home about, being in line with other savings products according to comparison tools like From a customer service perspective, I never had any problems, though the customer service was never more outgoing than simply professional, though this probably had less to do with the credit union itself and more to do with the fact that I was "from away" and therefore treated with a certain degree of distance in any and all professional and personal interactions. The website was functional, but not anything special. I could check my balance without incident, but it didn't allow me to do many transactions that most banks seem to allow. There wasn't a mobile product that I was aware of, beyond checking the website in a phone's web browser. All in all, I don't have any serious complaints, but nothing overwhelmingly positive, either.


Health Grade Components

NCUA #15159
Year Chartered1962
Primary Regulator
Profit Margin
Return on Assets - YTD0.45%
Return on Equity - YTD4.1%
Annual Interest Income$2.7MM
Assets and Liabilities
AssetsQ3 2022vs Q3 2021$130.5MM$120.7MM
LoansQ3 2022vs Q3 2021$56.2MM$53.3MM
DepositsQ3 2022vs Q3 2021$115.2MM$106.3MM
Equity CapitalQ3 2022vs Q3 2021$14.2MM$13.7MM
Loan Loss AllowanceQ3 2022vs Q3 2021$378.00K$491.00K
Unbacked Noncurrent LoansQ3 2022vs Q3 2021$520.00K$479.00K
Real Estate OwnedQ3 2022vs Q3 2021$0$0
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Franklin-Somerset Federal Credit Union Savings Account Rates

0.10%*$2k*-Share (Savings)
OTHER TIERS: 0.05% $100 - $2k
0.10%*$2k*-Youth Share Savings
OTHER TIERS: 0.05% $5 - $2k
0.10%--IRA Club
0.05%--Christmas Club Savings
0.05%--All Purpose Club

Franklin-Somerset Federal Credit Union Money Market Rates

1.00%*$100k*-Money Market Share
OTHER TIERS: 0.25% $1.5k - $10k | 0.35% $10k - $25k | 0.50% $25k - $50k | 0.75% $50k - $100k
0.05%$1.5k-Money Market Share Draft

Franklin-Somerset Federal Credit Union CD Rates

2.28%$500-84 Month CD
2.12%$500-60 Month CD
1.92%$500-36 Month CD
1.76%$500-24 Month CD
1.56%$500-18 Month CD
1.46%$500-12 Month CD
1.26%$500-6 Month CD

Franklin-Somerset Federal Credit Union IRA Rates

2.28%$500-84 Month IRA
2.28%--7 Year Roth IRA
2.12%$500-60 Month IRA
2.12%--5 Year Roth IRA
1.92%$500-36 Month IRA
1.92%--3 Year Education IRA
1.92%--3 Year Roth IRA
1.76%$500-24 Month IRA
1.76%--2 Year Roth IRA
1.56%$500-18 Month IRA
1.46%$500-12 Month IRA
1.46%--1 Year Education IRA
1.46%--1 Year Roth IRA
1.26%$500-6 Month IRA

Franklin-Somerset Federal Credit Union Locations
Branch Office485 WILTON RDFARMINGTON, ME 04938
Branch Office26 LEAVITT STSKOWHEGAN, ME 04976
Branch Office476 MAIN STKINGFIELD, ME 04947
Branch Office20 MAIN STMADISON, ME 04950
Corporate Office114 E MADISON RDMADISON, ME 04950-3027
Branch Office104 MAIN STREETSTRATTON, ME 04982

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