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Overview / Commentary
804-771-4708
701 E Cary St
Richmond, VA 23219-3927

Dominion Credit Union is headquartered in Richmond and is the 26th largest credit union in the state of Virginia. It is also the 761st largest credit union in the nation. It was established in 1940 and as of March of 2014, it had grown to 34 employees and 21,823 members. Dominion Credit Union has a A health rating.

Field of Membership Restrictions

You are eligible to join Dominion Credit Union if you are an employee, retiree or contractor of Dominion or any of its subsidiaries. You may also join if you are within the household or immediate family** of persons described above. - See Details

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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 Dominion Credit Union had $569,000 in non-current loans and owned real-estate with $27.63 million in equity and loan loss allowances on hand to cover it. This gives Dominion Credit Union a Texas Ratio of 2.06% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
C+

The Texas Ratio for Dominion Credit Union experienced no significant changes from 1.45% as of March 31, 2013 to 2.06% as of March 31, 2014, resulting in a negative change of 42.48%. This indicates that the balance sheet and financial strength for Dominion Credit Union has had no significant changes in recent periods.

Deposit Growth

GRADE:
B+

In the past year, Dominion Credit Union has increased its total deposits by $6.65 million, resulting in 2.88% 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 Dominion Credit Union has shown is above average.

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. Dominion Credit Union has $265.9 million in assets with $27.63 million in equity, resulting in a capitalization level of 10.39%, which is above average.

Institution Statistics

Overall
NCUA #66973
Year Chartered1940
Employees34
Primary Regulator
Assets and Liabilities
Assets$265.90 million
Loans$96.37 million
Deposits$237.55 million
Equity Capital$26.92 million
Loan Loss Allowance$713,000
Unbacked Noncurrent Loans$569,000
Real Estate Owned$0
Historic Data - March 2013
Assets$260.82 million
Equity Capital$28.40 million
Loan Loss Allowance$723,000
Unbacked Noncurrent Loans$569,000
Real Estate Owned$0
Profit Margin - Quarterly
Return on Assets0.97%
Return on Equity9.63%
Interest Income$1.65 million
Rates
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Dominion Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.35%$5k-Savings Account
0.05%--Christmas Club

Dominion Credit Union Money Market Rates

DetailsAPYMINMAXPRODUCT
0.45%$20k-Wealth Maximizer Money Market Savings
0.38%$10k-Wealth Builder Money Market Savings

Dominion Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
1.45%$1k-60 Month Savings Certificate
1.00%$1k-36 Month Savings Certificate
0.85%$1k-36 Month Bump Account Savings Certificate
0.70%$1k-24 Month Savings Certificate
0.55%$1k-12 Month Savings Certificate
0.45%$1k-6 Month Savings Certificate
Locations


Dominion Credit Union Locations
Branch Office701 E Cary StRichmond, VA 23219-3927