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Overview / Commentary
434-237-1566 ext. 217
107 Leroy Bowen Dr
Lynchburg, VA 24502

Beacon Credit Union is headquartered in Lynchburg and is the 38th largest credit union in the state of Virginia. It is also the 1,350th largest credit union in the nation. It was established in 1939 and as of March of 2014, it had grown to 58 employees and 22,440 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

Reviews (1)

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.



Health

Data for Q1 2014

Institution Health

A+

Texas Ratio

GRADE:
A+

The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Beacon Credit Union had $392,000 in non-current loans and owned real-estate with $12.73 million in equity and loan loss allowances on hand to cover it. This gives Beacon Credit Union a Texas Ratio of 3.08% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
B+

The Texas Ratio for Beacon Credit Union decreased slightly from 4.03% as of March 31, 2013 to 3.08% as of March 31, 2014, resulting in a positive change of 23.51%.This indicates that the balance sheet and financial strength for Beacon Credit Union has improved slightly in recent periods.

Deposit Growth

GRADE:
A+

In the past year, Beacon Credit Union has increased its total deposits by $16.19 million, resulting in 17.81% 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

GRADE:
B+

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 $120.23 million in assets with $12.73 million in equity, resulting in a capitalization level of 10.59%, which is above average.

Institution Statistics

Overall
NCUA #66965
Year Chartered1939
Employees58
Primary Regulator
Assets and Liabilities
Assets$120.23 million
Loans$96.23 million
Deposits$107.06 million
Equity Capital$12.15 million
Loan Loss Allowance$583,000
Unbacked Noncurrent Loans$392,000
Real Estate Owned$0
Historic Data - March 2013
Assets$101.26 million
Equity Capital$9.41 million
Loan Loss Allowance$480,000
Unbacked Noncurrent Loans$392,000
Real Estate Owned$0
Profit Margin - Quarterly
Net Interest Margin1.66%
Return on Assets0.24%
Return on Equity2.4%
Interest Income$1.66 million
Rates

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

DetailsAPYMINMAXPRODUCT
2.01%-$5kKirby 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

DetailsAPYMINMAXPRODUCT
0.45%$50k-Horizon Money Market

Beacon Credit Union Checking Account Rates

DetailsAPYMINMAXPRODUCT
5.05%-$2,500Choice Plus Checking - Qualifying
0.10%--Choice Plus Checking - Non Qualifying
0.10%$200-Preferred Checking

Beacon Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
2.00%$25k-5 Year Share Certificate Special
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
Locations


Beacon Credit Union Locations
Branch Office155 Amelon SqMadison Heights, VA 24572-6259
Branch Office404 Anderson StGlasgow, VA 24555
Branch Office2293 Magnolia AveBuena Vista, VA 24416
Branch Office1013 Mountain View Heights RdBig Island, VA 24526
Branch Office19029 Forest RdLynchburg, VA 24502
Branch Office3320 Riverside DrDanville, VA 24541
Branch Office6320 Logans LnLynchburg, VA 24502
Branch Office1901 Goodyear BlvdDanville, VA 24541
Branch Office107 Leroy Bowen DrLynchburg, VA 24502