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Overview / Commentary
7700 Shrader Rd
Richmond, VA 23228

Connects Credit Union is headquartered in Richmond and is the 53rd largest credit union in the state of Virginia. It is also the 1,812st largest credit union in the nation. It was established in 1950 and as of March of 2014, it had grown to 23 employees and 10,709 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 Q1 2014

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 capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Connects Credit Union had $178,000 in non-current loans and owned real-estate with $6.11 million in equity and loan loss allowances on hand to cover it. This gives Connects Credit Union a Texas Ratio of 2.91% 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 decreased slightly from 3.81% as of March 31, 2013 to 2.91% as of March 31, 2014, resulting in a positive change of 23.64%.This indicates that the balance sheet and financial strength for Connects Credit Union has improved slightly in recent periods.

Deposit Growth


In the past year, Connects Credit Union has increased its total deposits by $902,000, resulting in 1.3% 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 $76.38 million in assets with $6.11 million in equity, resulting in a capitalization level of 8.00%, which is average.

Institution Statistics

NCUA #6670
Year Chartered1950
Primary Regulator
Assets and Liabilities
Assets$76.38 million
Loans$25.61 million
Deposits$70.21 million
Equity Capital$5.79 million
Loan Loss Allowance$323,000
Unbacked Noncurrent Loans$178,000
Real Estate Owned$0
Historic Data - March 2013
Assets$75.71 million
Equity Capital$5.78 million
Loan Loss Allowance$518,000
Unbacked Noncurrent Loans$178,000
Real Estate Owned$0
Profit Margin - Quarterly
Return on Assets-0.19%
Return on Equity-2.56%
Interest Income$507,000
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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
0.82%$1k-2 Year Fixed IRA Share Certificate
0.50%$1k-1 Year Fixed IRA Share Certificate

Connects Credit Union Locations
Branch Office7700 Shrader RdRichmond, VA 23228
Branch Office9280 Chamberlayne Rd Ste 100Mechanicsville, VA 23116
Branch Office9960 Midlothian TurnpikeNorth Chesterfield, VA 23235