Beacon Credit Union
Beacon Credit Union is headquartered in Lynchburg and is the 40th largest credit union in the state of Virginia. It is also the 1,380th largest credit union in the nation. It was established in 1939 and as of December of 2013, it had grown to 56 employees and 21,918 members. Beacon Credit Union's savings rates are 4X the national average, and it boasts a A+ health rating.
Field of Membership Restrictions
Anyone is eligible who opens a Regular Savings Account with $25 or more. - See Details
The Home Of High Interest Checking
When you hear about high interest checking accounts you're normally waiting for the other shoe to drop. There's usually a catch like enormously high deposit requirements or unreasonable penalties if you don't meet the monthly requirements.
I found a checking account at a credit union in my town that offers a big rate with small requirements and they are probably one of the best kept secrets around. I was suprised that I didn't have to give up any of my debit card or online banking services to go with a credit union versus a big bank.
I can recommend Beacon if you live in their service area.
Data for Q4 2013
Institution Health
Texas Ratio
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 Beacon Credit Union had $472,000 in non-current loans and owned real-estate with $12.62 million in equity and loan loss allowances on hand to cover it. This gives Beacon Credit Union a Texas Ratio of 3.74% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend
The Texas Ratio for Beacon Credit Union decreased dramatically from 6.14% as of December 31, 2012 to 3.74% as of December 31, 2013, resulting in a positive change of 39.10%.This indicates that the balance sheet and financial strength for Beacon Credit Union has improved dramatically in recent periods.
Deposit Growth
In the past year, Beacon Credit Union has increased its total deposits by $15.78 million, resulting in 19.09% 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 Beacon Credit Union has shown is excellent.
Capitalization
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. Beacon Credit Union has $111.97 million in assets with $12.62 million in equity, resulting in a capitalization level of 11.27%, which is excellent.
Institution Statistics
| Overall | |
|---|---|
| NCUA # | 66965 |
| Year Chartered | 1939 |
| Employees | 56 |
| Primary Regulator |
| Assets and Liabilities | |
|---|---|
| Assets | $111.97 million |
| Loans | $88.31 million |
| Deposits | $98.46 million |
| Equity Capital | $12.07 million |
| Loan Loss Allowance | $550,000 |
| Unbacked Noncurrent Loans | $472,000 |
| Real Estate Owned | $0 |
| Historic Data - December 2012 | |
|---|---|
| Assets | $92.45 million |
| Equity Capital | $9.27 million |
| Loan Loss Allowance | $532,000 |
| Unbacked Noncurrent Loans | $472,000 |
| Real Estate Owned | $0 |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 6.44% |
| Return on Assets | 0.92% |
| Return on Equity | 8.52% |
| Interest Income | $5.95 million |
Always verify rates and promotions with the bank or credit union. We are not Beacon Credit Union, we are a rate comparison website and can not provide official rates or promotions.
Beacon Credit Union Savings Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 2.01% | - | $5k | Kirby Account | |
| 0.95% | - | - | IRA | |
| 0.95% | - | - | Roth IRA | |
| 0.95% | - | - | Coverdell Education IRA | |
| 0.40% | $100k | - | Tiered Savings | |
| 0.15% | $200 | - | Regular Share | |
| 0.15% | - | - | Christmas Club | |
| 0.15% | - | - | Vacation Club |
Beacon Credit Union Money Market Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.45% | $50k | - | Horizon Money Market |
Beacon Credit Union Checking Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 5.05% | - | $2,500 | Choice Plus Checking | |
| 0.10% | - | - | Choice Plus Checking | |
| 0.10% | $200 | - | Preferred Checking |
Beacon Credit Union CD Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.20% | $500 | - | 60 Month Share Certificate | |
| 0.90% | $500 | - | 48 Month Share Certificate | |
| 0.60% | $500 | - | 36 Month Share Certificate | |
| 0.55% | $500 | - | 24 Month Share Certificate | |
| 0.50% | $500 | - | 18 Month Share Certificate | |
| 0.40% | $500 | - | 12 Month Share Certificate | |
| 0.35% | $500 | - | 12 Month Bump Share Certificate | |
| 0.25% | $500 | - | 6 Month Share Certificate |
| Beacon Credit Union Locations | ||
|---|---|---|
| Branch Office | 155 Amelon Sq | Madison Heights, VA 24572-6259 |
| Branch Office | 404 Anderson St | Glasgow, VA 24555 |
| Branch Office | 2293 Magnolia Ave | Buena Vista, VA 24416 |
| Branch Office | 1013 Mountain View Heights Rd | Big Island, VA 24526 |
| Branch Office | 19029 Forest Rd | Lynchburg, VA 24502 |
| Branch Office | 3320 Riverside Dr | Danville, VA 24541 |
| Branch Office | 6320 Logans Ln | Lynchburg, VA 24502 |
| Branch Office | 1901 Goodyear Blvd | Danville, VA 24541 |
| Branch Office | 107 Leroy Bowen Dr | Lynchburg, VA 24502 |