Allegacy Federal Credit Union is headquartered in Winston Salem and is the 5th largest credit union in the state of North Carolina. It is also the 200th largest credit union in the nation. It was established in 1967 and as of December of 2013, it had grown to 302 employees and 120,996 members. Allegacy Federal Credit Union has a B+ health rating.
Anyone can join Allegacy at any time. Membership base consists of eligible employees and retirees of sponsor companies, immediate family members of existing members, household residents of existing members, residents of certain communities, and members of various associations. - See Details
I was not happy with my experiences with Allegacy. We had a car loan arranged through a dealership, which we paid off early. Allegacy insisted at the payoff that we invest an additional $200 to keep the account open for future use. We were not planning on borrowing any more at that time, but we followed their advice and made the deposit. We immediately ran into issues. Allegacy immediately charged us a "fee" which brought the account below $200. Three months later we got a statement charging us a "service fee" for not keeping the $200 balance in the account. I made a personal visit to the Allegacy office to get this corrected. I thought this fixed the problem.
Two years later I have closed the account. Allegacy billed me for a $5.00 dormancy fee every three months, so as of July 1, 2012 my account had shrunk to about $182. At that point I have closed the account.
I have been a member of two other credit unions for over 50 years and this is the only credit union that has charged me to keep my money. Needless to say any interest I accrued was offset by the fees charged. I would recommend that you not use Allegacy for your credit union.
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 Allegacy Federal Credit Union had $19.64 million in non-current loans and owned real-estate with $108.46 million in equity and loan loss allowances on hand to cover it. This gives Allegacy Federal Credit Union a Texas Ratio of 18.11% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Allegacy Federal Credit Union decreased dramatically from 26.39% as of December 31, 2012 to 18.11% as of December 31, 2013, resulting in a positive change of 31.38%.This indicates that the balance sheet and financial strength for Allegacy Federal Credit Union has improved dramatically in recent periods.
In the past year, Allegacy Federal Credit Union has increased its total deposits by $34.85 million, resulting in 4.19% 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 Allegacy Federal Credit Union has shown is excellent.
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. Allegacy Federal Credit Union has $1.04 billion in assets with $108.46 million in equity, resulting in a capitalization level of 10.43%, which is above average.
|Assets and Liabilities|
|Equity Capital||$100.33 million|
|Loan Loss Allowance||$8.12 million|
|Unbacked Noncurrent Loans||$8.69 million|
|Real Estate Owned||$10.95 million|
|Historic Data - December 2012|
|Equity Capital||$94.99 million|
|Loan Loss Allowance||$8.72 million|
|Unbacked Noncurrent Loans||$8.69 million|
|Real Estate Owned||$15.99 million|
|Profit Margin - Quarterly|
|Net Interest Margin||4.12%|
|Return on Assets||0.6%|
|Return on Equity||6.25%|
|Interest Income||$37.92 million|
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|0.20%||$10k||-||Health Savings Account (HSA)|
|0.15%||-||-||Cloverdell Education Savings IRA|
|0.35%||$100k||-||Relationship Money Market Account|
|0.10%||$10k||-||Allegacy Preferred Checking|
|1.20%||$100k||-||5 Year Regular Certificate|
|0.95%||$100k||-||3 Year Regular Certificate|
|0.65%||$100k||-||2 Year Regular Certificate|
|0.55%||$100k||-||18 Month Regular Certificate|
|0.40%||$100k||-||12 Month Regular Certificate|
|0.35%||$100k||-||9 Month Regular Certificate|
|0.25%||$100k||-||6 Month Regular Certificate|
|0.10%||-||-||3 Month Regular Certificate|
|1.30%||$100k||-||5 Year IRA Certificate (Traditional,Roth,CESA)|
|1.05%||$100k||-||3 Year IRA Certificate (Traditional,Roth,CESA)|
|0.75%||$100k||-||2 Year IRA Certificate (Traditional,Roth,CESA)|
|0.65%||$100k||-||18 Month IRA Certificate (Traditional,Roth,CESA)|
|0.50%||$100k||-||12 Month IRA Certificate (Traditional,Roth,CESA)|
|0.45%||$100k||-||9 Month IRA Certificate (Traditional,Roth,CESA)|
|0.25%||$100k||-||6 Month IRA Certificate (Traditional,Roth,CESA)|
|0.10%||-||-||3 Month IRA Certificate (Traditional,Roth,CESA)|