Dominion Credit Union is headquartered in Richmond and is the 26th largest credit union in the state of Virginia. It is also the 777th largest credit union in the nation. It was established in 1940 and as of December of 2013, it had grown to 34 employees and 21,756 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
Data for Q4 2013
Institution Health
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 Dominion Credit Union had $814,000 in non-current loans and owned real-estate with $27.18 million in equity and loan loss allowances on hand to cover it. This gives Dominion Credit Union a Texas Ratio of 2.99% 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 Dominion Credit Union experienced no significant changes from 1.95% as of December 31, 2012 to 2.99% as of December 31, 2013, resulting in a negative change of 53.33%. This indicates that the balance sheet and financial strength for Dominion Credit Union has had no significant changes in recent periods.
Deposit Growth
In the past year, Dominion Credit Union has decreased its total deposits by $-61,000, resulting in -0.03% 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 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. Dominion Credit Union has $252.67 million in assets with $27.18 million in equity, resulting in a capitalization level of 10.76%, which is above average.
Institution Statistics
| Overall | |
|---|---|
| NCUA # | 66973 |
| Year Chartered | 1940 |
| Employees | 34 |
| Primary Regulator |
| Assets and Liabilities | |
|---|---|
| Assets | $252.67 million |
| Loans | $97.77 million |
| Deposits | $224.73 million |
| Equity Capital | $26.42 million |
| Loan Loss Allowance | $764,000 |
| Unbacked Noncurrent Loans | $814,000 |
| Real Estate Owned | $0 |
| Historic Data - December 2012 | |
|---|---|
| Assets | $254.59 million |
| Equity Capital | $28.35 million |
| Loan Loss Allowance | $683,000 |
| Unbacked Noncurrent Loans | $814,000 |
| Real Estate Owned | $0 |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 4.43% |
| Return on Assets | 0.58% |
| Return on Equity | 5.53% |
| Interest Income | $7.03 million |
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Dominion Credit Union Savings Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.35% | $5k | - | Savings Account | |
| 0.05% | - | - | Christmas Club |
Dominion Credit Union Money Market Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.45% | $20k | - | Wealth Maximizer Money Market Savings | |
| 0.38% | $10k | - | Wealth Builder Money Market Savings |
Dominion Credit Union CD Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.35% | $1k | - | 60 Month Savings Certificate | |
| 0.95% | $1k | - | 36 Month Savings Certificate | |
| 0.80% | $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 |
| Dominion Credit Union Locations | ||
|---|---|---|
| Branch Office | 701 E Cary St | Richmond, VA 23219-3927 |