Safe and Sound

MAINE FAMILY

Lewiston, ME
4
Star Rating
MAINE FAMILY is an NCUA-insured credit union founded in 1938 and currently headquartered in Lewiston, ME. The credit union holds $154.1 million in assets, according to December 31, 2017, regulatory filings.

Thanks to the work of 40 full-time employees, the credit union currently holds loans and leases worth $83.2 million. MAINE FAMILY's 21,005 members currently have $138.8 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, MAINE FAMILY exhibited a good condition, earning 4 out of 5 stars for safety and soundness. Here's a breakdown of how the credit union faired on the three important criteria Bankrate used to grade U.S. credit unions.

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THE INSTITUTION'S SCORE

Capital Score

Capital is an essential measurement of a credit union's financial resilience. It acts as a bulwark against losses and affords protection for members when a credit union is struggling financially. When looking at safety and soundness, the more capital, the better.

MAINE FAMILY fell short of the national average of 15.65 on our test to measure capital adequacy, scoring 10 out of a possible 30 points.

MAINE FAMILY had a capitalization ratio of 10.00 percent in our test, below the average for all credit unions, suggesting that it's less well prepared for financial trouble than its peers.

Asset Quality Score

In this test, Bankrate tries to estimate the effect of problem assets, such as past-due loans, on the credit union's loan loss reserves and overall capitalization.

Having lots of these kinds of assets means a credit union may have to use capital to absorb losses, reducing its equity cushion. It also means that there are likely to be many assets that are in non-accrual status and no longer earning interest for the credit union, pushing down earnings and increasing the chances of a future failure.

MAINE FAMILY scored above the national average of 38.09 on Bankrate's test of asset quality, racking up 40 out of a possible 40 points .

A lower-than-average ratio of problem assets of 0.00 percent in our test was potentially indicative of superior financial strength compared to other credit unions.

Earnings score

How successful a credit union is at earning money affects its long-term survivability. A credit union can retain its earnings, boosting its capital cushion, or put them to work addressing problematic loans, potentially making the credit union more resilient in times of trouble. Losses, on the other hand, take away from a credit union's ability to do those things.

MAINE FAMILY scored 14 out of a possible 30 on Bankrate's earnings test, beating out the national average of 10.11.

One indication that the credit union is running ahead of its peers in this area was its earnings ratio of 0.00 percent in our test, better than the average for all credit unions.

WHAT IS SAFE & SOUND?

Bankrate.com's Safe & Sound Ratings provide a star rating system to evaluate the current financial status of financial institutions. The information gathered about banks, credit unions and thrifts is updated as set forth in the Terms of Use of Safe & Sound Ratings and Reports. The Safe & Sound Ratings information is grouped by categories of banks, thrifts and credit unions.

Scoring methodology

Bankrate.com evaluates the financial condition of institutions and assigns a one- to five-star rating for each with five stars representing the highest rating. Institutions with satisfactory performance will generally receive a rating of three or more stars. The majority of institutions fall into the three- to four-star range. An institution with an "NR" rating may be too new to rate or may have limited the publicly available information in their regulatory filings. The "NR" is not an indication of financial strength or weakness. The Safe & Sound rating is believed to be reliable, but the information is not guaranteed. In addition, events since the information was collected may have altered the institution's financial condition.