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Overview / Commentary
7700 Shrader Rd
Richmond, VA 23228

Connects Credit Union is headquartered in Richmond and is the 54th largest credit union in the state of Virginia. It is also the 1,822nd largest credit union in the nation. It was established in 1950 and as of December of 2013, it had grown to 22 employees and 10,721 members. Connects Credit Union has a B+ health rating.

Field of Membership Restrictions

Must live, work, worship, attend school or volunteer in the Greater Richmond Community (consists of the City of Richmond and the counties of Chesterfield, Hanover and Henrico.) - See Details

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Data for Q4 2013

Institution Health

Additional Factors: Institutions with a small asset base or a short operating history can represent an instability risk beyond what their financial ratios indicate. Connects Credit Union has a relatively low asset base.

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 Connects Credit Union had $231,000 in non-current loans and owned real-estate with $6.17 million in equity and loan loss allowances on hand to cover it. This gives Connects 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 Connects Credit Union experienced no significant changes from 3.74% as of December 31, 2012 to 3.74% as of December 31, 2013, resulting in a negative change of 0.08%. This indicates that the balance sheet and financial strength for Connects Credit Union has had no significant changes in recent periods.

Deposit Growth


In the past year, Connects Credit Union has increased its total deposits by $1.13 million, resulting in 1.71% 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 Connects Credit Union has shown is above average.



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. Connects Credit Union has $73.02 million in assets with $6.17 million in equity, resulting in a capitalization level of 8.45%, which is average.

Institution Statistics

NCUA #6670
Year Chartered1950
Primary Regulator
Assets and Liabilities
Assets$73.02 million
Loans$25.17 million
Deposits$66.90 million
Equity Capital$5.79 million
Loan Loss Allowance$382,000
Unbacked Noncurrent Loans$231,000
Real Estate Owned$0
Historic Data - December 2012
Assets$72.37 million
Equity Capital$5.70 million
Loan Loss Allowance$580,000
Unbacked Noncurrent Loans$231,000
Real Estate Owned$0
Profit Margin - Quarterly
Net Interest Margin6.34%
Return on Assets0.32%
Return on Equity4.04%
Interest Income$2.12 million
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Connects Credit Union Savings Account Rates

0.10%$100-Regular Share Account
0.10%--Vacation Club Account
0.10%--Christmas Club Account

Connects Credit Union CD Rates

1.00%$1k-3 Year Fixed Share Certificate
0.82%$1k-2 Year Fixed Share Certificate
0.50%$1k-1 Year Fixed Share Certificate
0.30%$500-6 Month Fixed Share Certificate

Connects Credit Union IRA Rates

1.00%$1k-3 Year Fixed IRA Share Certificate (Traditional,CESA,Roth)
0.82%$1k-2 Year Fixed IRA Share Certificate (Traditional,CESA,Roth)
0.50%$1k-1 Year Fixed IRA Share Certificate (Traditional,CESA,Roth)

Connects Credit Union Locations
Branch Office7700 Shrader RdRichmond, VA 23228
Branch Office3640 Call Federal DrMidlothian, VA 23112
Branch Office9280 Chamberlayne Rd Ste 100Mechanicsville, VA 23116