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Overview / Commentary
26 Leavitt St
Skowhegan, ME 04976

Franklin-Somerset Federal Credit Union is headquartered in MADISON and is the 31st largest credit union in the state of Maine. It is also the 1,711th largest credit union in the nation. It was established in 1962 and as of December of 2017, it had grown to 26 employees and 10,690 members at 5 locations. Franklin-Somerset Federal Credit Union has a B+ health rating.

Field of Membership Restrictions

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

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 bankrate.com. 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.

Additional Factors: Institutions with a small asset base, a short operating history, or negative return on assets can represent an instability risk beyond what their financial ratios indicate. Franklin-Somerset Federal Credit Union has a relatively low asset base.

Health Grade Components

NCUA #15159
Year Chartered1962
Primary Regulator
Profit Margin
Return on Assets - YTD1.11%
Return on Equity - YTD8.81%
Annual Interest Income$3.5MM
Assets and Liabilities
AssetsQ4 2017vs Q4 2016$88.0MM$86.3MM
LoansQ4 2017vs Q4 2016$57.9MM$57.2MM
DepositsQ4 2017vs Q4 2016$76.4MM$75.9MM
Equity CapitalQ4 2017vs Q4 2016$11.1MM$10.1MM
Loan Loss AllowanceQ4 2017vs Q4 2016$262.00K$253.00K
Unbacked Noncurrent LoansQ4 2017vs Q4 2016$1.2MM$865.00K
Real Estate OwnedQ4 2017vs Q4 2016$0$79.00K
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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

0.30%--IRA Club
0.30%--Education IRA Club
0.30%--Roth IRA Club
0.20%*$2k*-Share (Savings)
OTHER TIERS: 0.15% $100 - $2k
0.20%*$2k*-Youth Share Savings
OTHER TIERS: 0.15% Up to $2k
0.15%--Christmas Club Savings
0.15%--All Purpose Club

Franklin-Somerset Federal Credit Union Money Market Rates

0.25%*$100k*-Money Market Share
OTHER TIERS: 0.20% $1,500 - $100k
0.05%$1,500-Money Market Share Draft

Franklin-Somerset Federal Credit Union CD Rates

1.50%$500-84 Month CD
1.25%$500-60 Month CD
0.75%$500-36 Month CD
0.55%$500-24 Month CD
0.45%$500-18 Month CD
0.35%$500-12 Month CD
0.30%$500-6 Month CD

Franklin-Somerset Federal Credit Union IRA Rates

1.50%$500-84 Month IRA
1.50%--7 Year Roth IRA
1.25%$500-60 Month IRA
1.25%--5 Year Roth IRA
0.75%$500-36 Month IRA
0.75%--3 Year Education IRA
0.75%--3 Year Roth IRA
0.55%$500-24 Month IRA
0.55%--2 Year Roth IRA
0.45%$500-18 Month IRA
0.35%$500-12 Month IRA
0.35%--1 Year Education IRA
0.35%--1 Year Roth IRA
0.30%$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