Class Act Federal Credit Union
Class Act Federal Credit Union is headquartered in Louisville and is the 12st largest credit union in the state of Kentucky. It is also the 1,037th largest credit union in the nation. It was established in 1954 and as of March of 2014, it had grown to 53 employees and 18,572 members. Class Act Federal Credit Union has a A health rating.
Field of Membership Restrictions
Eligible members are employees of the Jefferson County Board of Education, students and alumni of the University of Louisville and other select employer groups. - See Details
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1St Time Home Buyer
I have been a customer of Class Act for over 5 years and have been happy with the checking and savings services and products they offer. However, when my husband and I went in to talk to someone about the different options available for mortgages, it became very clear that we would be looking elsewhere for financing. The loan officer was not familiar with the various programs listed on the company web site. When asked questions, this person would say things like "I'm pretty sure". I immediately called another institution and spoke with a loan officer who was able to answer all of my questions, right away and with complete confidence in their voice. And what's more, the answers were contradictory to that of Class Act's loan officer who was "pretty sure". Needless to say, Class Act will not be getting our mortgage business!
I Love Class Act FCU
My credit union has been a real blessing to me and has saved me a lot of money over the years. I always shop around for loan rates when buying a car or whatever and Class Act has almost always had the very best rates. Their Honors Checking account is stupid good. I don't know how they can do it but I get paid 4.0% on my checking account balance and they refund my ATM fees regardless of which bank ATM I use (up to $25 per month). They don't have as many branches as a major bank but they and other credit unions cooperate with shared branches which are everywhere so convenience really hasn't been an issue. The bottom line is I save on loans and get paid on my checking. I couldn't be happier.
Data for Q1 2014
Institution Health
Texas Ratio
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 Class Act Federal Credit Union had $298,000 in non-current loans and owned real-estate with $18.19 million in equity and loan loss allowances on hand to cover it. This gives Class Act Federal Credit Union a Texas Ratio of 1.64% 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 Class Act Federal Credit Union decreased dramatically from 4.05% as of March 31, 2013 to 1.64% as of March 31, 2014, resulting in a positive change of 59.58%.This indicates that the balance sheet and financial strength for Class Act Federal Credit Union has improved dramatically in recent periods.
Deposit Growth
In the past year, Class Act Federal Credit Union has increased its total deposits by $2.08 million, resulting in 1.35% 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 Class Act Federal Credit Union has shown is above average.
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. Class Act Federal Credit Union has $174.96 million in assets with $18.19 million in equity, resulting in a capitalization level of 10.39%, which is above average.
Institution Statistics
| Overall | |
|---|---|
| NCUA # | 9106 |
| Year Chartered | 1954 |
| Employees | 53 |
| Primary Regulator |
| Assets and Liabilities | |
|---|---|
| Assets | $174.96 million |
| Loans | $60.50 million |
| Deposits | $156.29 million |
| Equity Capital | $17.89 million |
| Loan Loss Allowance | $296,000 |
| Unbacked Noncurrent Loans | $298,000 |
| Real Estate Owned | $0 |
| Historic Data - March 2013 | |
|---|---|
| Assets | $172.46 million |
| Equity Capital | $16.45 million |
| Loan Loss Allowance | $296,000 |
| Unbacked Noncurrent Loans | $298,000 |
| Real Estate Owned | $102,000 |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 1.39% |
| Return on Assets | 0.51% |
| Return on Equity | 4.94% |
| Interest Income | $1.15 million |
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Class Act Federal Credit Union Savings Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.10% | - | - | IRA Accumulation | |
| 0.05% | $25 | - | Regular Share Savings | |
| 0.05% | - | - | Summer Savings - Check | |
| 0.05% | - | - | Christmas Club | |
| 0.05% | - | - | Summer Savings - Transfer |
Class Act Federal Credit Union Money Market Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.25% | $25k | - | Money Market Account |
Class Act Federal Credit Union Checking Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 4.00% | - | $5k | Honors Checking - Qualifying | |
| 0.05% | - | - | Honors Checking - Non Qualifying |
Class Act Federal Credit Union CD Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.00% | $1k | - | 48 Month Share Certificate | |
| 0.90% | $1k | - | 36 Month Share Certificate | |
| 0.80% | $1k | - | 30 Month Share Certificate | |
| 0.70% | $1k | - | 24 Month Share Certificate | |
| 0.40% | $1k | - | 18 Month Share Certificate | |
| 0.30% | $1k | - | 1 Year Share Certificate | |
| 0.20% | $500 | - | 6 Month Share Certificate | |
| 0.10% | $500 | - | 91 Day Share Certificate |
Class Act Federal Credit Union IRA Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.00% | $1k | - | 48 Month IRA Share Certificate | |
| 0.90% | $1k | - | 36 Month IRA Share Certificate | |
| 0.80% | $1k | - | 30 Month IRA Share Certificate | |
| 0.70% | $1k | - | 24 Month IRA Share Certificate | |
| 0.40% | $1k | - | 18 Month IRA Share Certificate | |
| 0.30% | $1k | - | 12 Month IRA Share Certificate | |
| 0.20% | $1k | - | 6 Month IRA Share Certificate |
| Class Act Federal Credit Union Locations | ||
|---|---|---|
| Branch Office | 7601 Saint Andrews Church Rd | Louisville, KY 40214-4017 |
| Branch Office | 331 W Cardinal Blvd | Louisville, KY 40208-1822 |
| Branch Office | 3620 Fern Valley Rd | Louisville, KY 40219-1917 |
| Branch Office | 8620 Preston Hwy | Louisville, KY 40219-5306 |