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Overview / Commentary

Cove Federal Credit Union is headquartered in EDGEWOOD and is the 23rd largest credit union in the state of Kentucky. It is also the 2,389th largest credit union in the nation. It was established in 1970 and as of March of 2014, it had grown to 13 employees and 8,665 members. Cove Federal Credit Union has a B+ health rating.

Field of Membership Restrictions

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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. Cove Federal Credit Union has a 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 Cove Federal Credit Union had $494,000 in non-current loans and owned real-estate with $7.2 million in equity and loan loss allowances on hand to cover it. This gives Cove Federal Credit Union a Texas Ratio of 6.86% 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 Cove Federal Credit Union experienced no significant changes from 5.13% as of March 31, 2013 to 6.86% as of March 31, 2014, resulting in a negative change of 33.70%. This indicates that the balance sheet and financial strength for Cove Federal Credit Union has had no significant changes in recent periods.

Deposit Growth


In the past year, Cove Federal Credit Union has increased its total deposits by $3.32 million, resulting in 9.23% 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 Cove Federal Credit Union has shown is excellent.



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. Cove Federal Credit Union has $46.74 million in assets with $7.2 million in equity, resulting in a capitalization level of 15.41%, which is excellent.

Institution Statistics

NCUA #19879
Year Chartered1970
Primary Regulator
Assets and Liabilities
Assets$46.74 million
Loans$32.52 million
Deposits$39.34 million
Equity Capital$7.06 million
Loan Loss Allowance$137,000
Unbacked Noncurrent Loans$494,000
Real Estate Owned$0
Historic Data - March 2013
Assets$43.02 million
Equity Capital$6.34 million
Loan Loss Allowance$145,000
Unbacked Noncurrent Loans$494,000
Real Estate Owned$0
Profit Margin - Quarterly
Net Interest Margin1.53%
Return on Assets1.62%
Return on Equity10.7%
Interest Income$563,000
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Cove Federal Credit Union Savings Account Rates

0.35%$75k-Savings Plus Account
0.35%$75k-IRA Savings Plus Account
0.35%$75k-Roth IRA Savings Plus Account
0.20%--Jungle Saver-Super Teen Account
0.20%--IRA Savings
0.20%--Roth IRA Savings
0.15%--Regular Saving Account
0.15%--Special Savings Account
0.15%--Vacation Club Account
0.15%--Christmas Club Account

Cove Federal Credit Union Checking Account Rates

0.10%--Interest Plus Checking Account

Cove Federal Credit Union CD Rates

2.50%$1k-60 Month CD
2.00%$1k-48 Month CD
1.50%$1k-36 Month CD
1.00%$1k-24 Month CD
0.80%$1k-18 Month CD
0.70%$1k-12 Month CD
0.55%$1k-6 Month CD

Cove Federal Credit Union IRA Rates

2.50%$1k-60 Month IRA
2.00%$1k-48 Month IRA
1.50%$1k-36 Month IRA
1.00%$1k-24 Month IRA
0.80%$1k-18 Month IRA
0.70%$1k-12 Month IRA
0.55%$1k-6 Month IRA

Cove Federal Credit Union Locations
Branch Office7380 TURFWAY RdFLORENCE, KY 41042-1355
Branch Office577 DUDLEY PIKEEDGEWOOD, KY 41017
Branch Office85 N GRAND AVEFORT THOMAS, KY 41075-1793