Apco Employees Credit Union is headquartered in Birmingham and is the 2nd largest credit union in the state of Alabama. It is also the 58th largest credit union in the nation. It was established in 1953 and as of December of 2013, it had grown to 99 employees and 68,471 members. Apco Employees Credit Union's savings rates are 3X the national average, and it has a A health rating.
MUst be an employee or retiree of Alabama Power Company, Southern Company Services, Southern Nuclear or other affiliated companies of the Southern Company. - See Details
Recently opened an account here. My mother is a member which was my "in" but I asked the teller and she said they take customers words for it so if you were to join and say you worked for apco or one of the other groups, they wouldnt question you over it.
The share account pays interest quarterly which is unusual.
Im not clear on how long their rate has been 1.26% or how long it will continue.
But, since capone has taken over ING, I began seriously looking for a better place for my 6 figure account and APCO was the best i could find. I just hope it continues.
I guess they have a free checking account that pays interest too.
But, I maintain my ING account for my checking for now as well as a small savings there. I had intended to switch my checking to Ally but their format is not as good. And you cant tell from your account any future trransfers.
Hopefully, I will get off my duff and invest most of my money rather than letting it sit at such low rates.
I did recently buy shares in APCOs parent, Southern Company. Nice dividend yield at about 4.5% and a terrific long term track record of total returns. My first utility. Considering buying others because a number of them also have good long term track records and good yields.
In the past, I took much more risk as an investor but over the last 7-8 years, Ive had a number of situations work out via buyouts mergers or sales and I have not been able to reinvest all the proceeds. So the cash sits in savings accounts.
Thats got to change.
My goal for SO is at least a 10% total return but even if I just earn the dividend and no capital gains over the long term, thats better than a savings account or a CD.
And I set my account up to reinvest the dividends since I dont need the cash.
I collect credit unions whenever I'm eligible. I only have a savings account and I have previously held a CD.
Rates are fantastic. The online account interface is an older-looking system and it's not always intuitive. This was never a problem for me - it met my needs and I usually all or visit if I have something complicated.
Interest is paid quarterly, which is unusual but does not undo the higher rates. It's a smaller credit union so there may not be a convenient location near you, but for me it's a place to stash cash so it's never been an issue.
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 Apco Employees Credit Union had $5.78 million in non-current loans and owned real-estate with $225.03 million in equity and loan loss allowances on hand to cover it. This gives Apco Employees Credit Union a Texas Ratio of 2.57% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Apco Employees Credit Union experienced no significant changes from 2.67% as of December 31, 2012 to 2.57% as of December 31, 2013, resulting in a positive change of 3.90%.This indicates that the balance sheet and financial strength for Apco Employees Credit Union has had no significant changes in recent periods.
In the past year, Apco Employees Credit Union has increased its total deposits by $109.3 million, resulting in 5.26% 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 Apco Employees 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. Apco Employees Credit Union has $2.42 billion in assets with $225.03 million in equity, resulting in a capitalization level of 9.31%, which is average.
|Assets and Liabilities|
|Equity Capital||$223.71 million|
|Loan Loss Allowance||$1.31 million|
|Unbacked Noncurrent Loans||$3.86 million|
|Real Estate Owned||$1.92 million|
|Historic Data - December 2012|
|Equity Capital||$220.49 million|
|Loan Loss Allowance||$1.60 million|
|Unbacked Noncurrent Loans||$3.86 million|
|Real Estate Owned||$1.65 million|
|Profit Margin - Quarterly|
|Net Interest Margin||3.49%|
|Return on Assets||0.66%|
|Return on Equity||7.18%|
|Interest Income||$50.25 million|
Always verify rates and promotions with the bank or credit union. We are not Apco Employees Credit Union, we are a rate comparison website and can not provide official rates or promotions.
|1.51%||$25||-||IRA Share Account|
|1.51%||$25||-||Roth IRA Share Account|
|1.00%||$25||-||Christmas Club Account|
|1.77%||$2,500||-||60 Month CD|
|1.51%||$2,500||-||48 Month CD|
|1.41%||$2,500||-||36 Month CD|
|1.31%||$2,500||-||30 Month CD|
|1.26%||$2,500||-||24 Month CD|
|1.26%||$2,500||-||37 Month 1 Time Step Up CD|
|1.21%||$2,500||-||18 Month CD|
|1.11%||$2,500||-||366 Day CD|
|0.80%||$2,500||-||182 Day CD|
|0.70%||$2,500||-||91 Day CD|
|0.60%||$2,500||-||30 Day CD|
|0.60%||$2,500||-||45 Day CD|
|0.60%||$2,500||-||60 Day CD|
|1.77%||$500||-||60 Month IRA CD (Traditional,Roth)|
|1.51%||$500||-||48 Month IRA CD (Traditional,Roth)|
|1.41%||$500||-||36 Month IRA CD (Traditional,Roth)|
|1.31%||$500||-||30 Month IRA CD (Traditional,Roth)|
|1.26%||$500||-||24 Month IRA CD (Traditional,Roth)|
|1.26%||$500||-||37 Month 1 Time Step Up IRA CD (Traditional,Roth)|
|1.21%||$500||-||18 Month IRA CD (Traditional,Roth)|
|1.11%||$500||-||366 Day IRA CD (Traditional,Roth)|
|0.80%||$500||-||182 Day IRA CD (Traditional,Roth)|