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Midcoast Credit Union

Overview
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Midcoast Credit Union is a federal credit union based in Freeport, Maine. It has been opened since 1956, for 64 years.

With around $177,680,000 in assets, Midcoast Credit Union is considered to be a large credit union. It has 5 branches and 5 ATM locations.

About
Address 186 Lower Main Street
Freeport, Maine 04032
Website https://midcoastfcu.me
Phone (207) 865-4443
Fax (207) 865-0876
CEO Joseph R. Gervais
President of the Board
Services Offered
Map
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Score Card
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64 years
Years in business
Opened in 1956
Well Capitalized
Net worth classification
Source: NCUA
15,188 members
Membership type: Unknown
Above average number of members
249:1
Credit union member to staff ratio
249 per each FTE employee
Compared to 411:1 nationally
Tons of staff!
$177,679,401
Total assets
Above average
5 branches
Compared with an average of 4 nationally and 4 in Maine
Above average number of branches
0.15%
Savings interest rate
Compared to 0.3% nationally
10.74%
Unsecured credit card loan interest rate
Compared to 10.8% nationally
Branches
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5 branches
Compared with an average of 4 nationally and 4 in Maine
Above average number of branches
Midcoast Credit Union Branch Locations

Midcoast Credit Union: Brunswick Office
6 Station Avenue
Brunswick, Maine 04011
ATM Available
Midcoast Credit Union: Freeport Office
186 Lower Main Street
Freeport, Maine 04032
ATM Available
Midcoast Credit Union: Edgecomb Office
41 Route One
Edgecomb, Maine 04556
ATM Available
Midcoast Credit Union: Bath Office
831 Middle Street
Bath, Maine 04530
ATM Available
Midcoast Credit Union: Thomaston Office
209 New County Road
Thomaston, Maine 04861
ATM Available
Members
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15,188 members
Membership type: Unknown
Above average number of members

With 15,188 members, the Midcoast Credit Union is considered to be a large credit union. It is larger than 77% of credit unions.

Fees
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$176
Average fee per member
The average fee per member at the Midcoast Credit Union is $176, which is very high compared to most credit unions. This rate is higher than 98% of all credit unions.
Fees are higher than average

Credit unions, like banks, charge members various fees, such as overdraft fees, ATM fees, credit card fees, inactivity or dormat account fees, and more.

The average fee per member gives you a general sense of how much you might pay in fees as a member of the Midcoast Credit Union. Some credit unions tend to charge more fees, while others charge less.

Staff
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249:1
Credit union member to staff ratio
249 per each FTE employee
Compared to 411:1 nationally
Tons of staff!
61 staff members
FTE (full-time equivalent)
6% of employees are part-time
59 full-time, 4 part-time

Midcoast Credit Union has 59 full-time staff members and 4 part-time staff members. The staff is predominantly comprised of full-time staff, at approximately 94% of the workforce.

The number of members relative to staff members is an indication of how well staffed the credit union is. Midcoast Credit Union has around 249 members per staff, a very low ratio compared to other credit unions. This is a very well staffed credit union.

Assets
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$177,679,401
Total assets
Above average
Net worth
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Well Capitalized
Net worth classification
Source: NCUA
A well capitalized credit union has a net worth ratio of 7% or greater and also meets applicable risk-based net worth requirements, according to the National Credit Union Administration.
12.3%
Net worth ratio
A higher net worth ratio is better.
Compared to an average of 13.6% nationally

A credit union's net worth ratio is one of the most important metrics you should consider when deciding whether to join a credit union. Why? It's a measure of financial strength

The net worth ratio is equal to a credit union's net worth divided by its assets. According to the National Credit Union Administration, a minimum net worth ratio of 7% is required to be considered to be a well capitalized credit union.

Loans & leases
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$12,537
Average loan and lease size
Loan & lease sizes are bigger than average. They are bigger than at 68% of credit unions.

Midcoast Credit Union holds a total of $135,730,000 in loans and leases, which is about $12,537 per member on average.

Savings interest rate
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0.15%
Savings interest rate
Compared to 0.3% nationally

A credit union share account is an account at a credit union. It's called a share account because the credit union is member owned and as a result, members own shares in the credit union.

A share savings account pays you interest on your savings, similar to a savings account at a bank. The interest you receive can vary. Midcoast Credit Union pays 0.15%.

Loan rates
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10.74%
Unsecured credit card loan interest rate
Compared to 10.8% nationally
10.99%
Unsecured non-credit card loan interest rate
Compared to 11.2% nationally
4.99%
Other secured non-real estate loans and lines of credit interest rate
Compared to 5.3% nationally
Car loan rates
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3.99%
New car loan rate
Compared to 4.0% nationally
3.99%
Used car loan rate
Compared to 5.2% nationally
Mortgage rates
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5.50%
Mortgage rate (secured by junior lien)
Compared to 3.4% nationally
5.00%
Mortgage rate (secured by 1st lien)
Compared to 3.3% nationally
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