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Overview / Commentary
1055 S Congress Ave
West Palm Beach, FL 33406

First Choice Credit Union (FL) is headquartered in West Palm Beach and is the 62nd largest credit union in the state of Florida. It is also the 1,549th largest credit union in the nation. It was established in 1929 and as of March of 2014, it had grown to 31 employees and 10,833 members. First Choice Credit Union (FL) has a B+ health rating.

Field of Membership Restrictions

Must live or work in Palm Beach, Broward, Martin, St. Lucie, Okeechobee, Glades or Hendry County. Also open to employees of the Federal Government or veterans of any branch of the service living in Florida. All family members are, likewise, eligible to join. - 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. First Choice Credit Union (FL) 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 First Choice Credit Union (FL) had $480,000 in non-current loans and owned real-estate with $8.97 million in equity and loan loss allowances on hand to cover it. This gives First Choice Credit Union (FL) a Texas Ratio of 5.35% 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 First Choice Credit Union (FL) decreased dramatically from 21.33% as of March 31, 2013 to 5.35% as of March 31, 2014, resulting in a positive change of 74.92%.This indicates that the balance sheet and financial strength for First Choice Credit Union (FL) has improved dramatically in recent periods.

Deposit Growth


In the past year, First Choice Credit Union (FL) has decreased its total deposits by -$1.12 million, 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 First Choice Credit Union (FL) has shown is 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. First Choice Credit Union (FL) has $97.64 million in assets with $8.97 million in equity, resulting in a capitalization level of 9.19%, which is average.

Institution Statistics

NCUA #67725
Year Chartered1929
Primary Regulator
Assets and Liabilities
Assets$97.64 million
Loans$39.87 million
Deposits$84.94 million
Equity Capital$7.29 million
Loan Loss Allowance$1.68 million
Unbacked Noncurrent Loans$469,000
Real Estate Owned$11,000
Historic Data - March 2013
Assets$102.65 million
Equity Capital$8.09 million
Loan Loss Allowance$1.68 million
Unbacked Noncurrent Loans$469,000
Real Estate Owned$822,000
Profit Margin - Quarterly
Net Interest Margin1.34%
Return on Assets-1.5%
Return on Equity-20.08%
Interest Income$714,000

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First Choice Credit Union (FL) Savings Account Rates

0.25%-$100kIRA - Traditional
0.25%-$100kIRA - ROTH
0.25%-$100kIRA - Educational
0.05%$100$100kShare Account
0.05%-$100kHoliday Club

First Choice Credit Union (FL) Money Market Rates

0.30%$75k$100kSuper Money Market
0.20%$25k$100kMoney Market

First Choice Credit Union (FL) Checking Account Rates

0.05%$25k$100kHigh Yield Checking

First Choice Credit Union (FL) IRA Rates

0.45%$75k$100k12 Month Jumbo IRA
0.35%$5k$100k12 Month IRA

First Choice Credit Union (FL) Locations
Branch Office1055 S Congress AveWest Palm Beach, FL 33406-5195
Branch Office7305 N Military TrlRiviera Beach, FL 33410-7417