First Choice Credit Union (FL)

First Choice Credit Union (FL) Locations

1055 South Congress Avenue
West Palm Beach, FL 33406
561.641.0100
www.firstchoicecu.org

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First Choice Credit Union (FL) is headquartered in West Palm Beach and is the 60^th largest credit union in the state of Florida. It is also the 1,476^th largest credit union in the nation. It was established in 1929 and as of December of 2012, it had grown to 31 employees and 11,662 members. First Choice Credit Union (FL) has a 3-star health rating.

Florida Credit Union Temporarily Discontinues Offering Cds (Forum) - 8/4/2010

This may be another case of an financial institution that has too many deposits and not enough loans. They were offering some hot CD deals in February. Now they have the following on their CD page: First Choice Credit Union has temporarily discontin

Long-Term Flexible CD Special at First Choice Credit Union in SE Florida - Local Only - 2/9/2010

First Choice Credit Union is offering a 4.25% APY CD special. The downside is that it's a 10-year term. However, it has some liquid features that may ease your mind about locking into this very long ...

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See Rates for: Checking | Savings | Money Market | IRA

First Choice Credit Union (FL) Checking Account Rates

Apy	Min	Max	Product
0.05%	$25k	$100k	High Yield Checking
0.00%	$500	$100k	Value Plus Checking
0.00%	$1,500	$100k	Premiere Checking

First Choice Credit Union (FL) Savings Account Rates

Apy	Min	Max	Product
0.25%	-	$100k	IRA - Traditional
0.25%	-	$100k	IRA - ROTH
0.25%	-	$100k	IRA - Educational
0.05%	$100	$100k	Share Account
0.05%	-	$100k	Holiday Club
0.00%	-	$100k	Electronic Transaction Account

First Choice Credit Union (FL) Money Market Rates

Apy	Min	Max	Product
0.30%	$75k	$100k	Super Money Market
0.20%	$25k	$100k	Money Market

First Choice Credit Union (FL) IRA Rates

Apy	Min	Max	Product
0.45%	$75k	$100k	12 Month Jumbo IRA
0.45%	$75k	$100k	12 Month Jumbo Roth IRA
0.45%	$75k	$100k	12 Month Jumbo Educational IRA
0.35%	$5k	$100k	12 Month IRA
0.35%	$5k	$100k	12 Month Roth IRA
0.35%	$5k	$100k	12 Month Educational IRA

Rates updated: 5/19/2013

Data for Q4 2012

Institution Statistics

FIRST CHOICE
NCUA #	67725
BankRate Report	View
Year Chartered	1929
Employees	31
Primary Regulator
Assets and Liabilities
Assets	$99.27 million
Loans	$46.18 million
Deposits	$82.27 million
Equity Capital	$8.06 million
Loan Loss Allowance	$2.04 million
Unbacked Noncurrent Loans	$1.88 million
Real Estate Owned	$738,000
Historic Data - December 2011
Assets	$101.91 million
Equity Capital	$7.22 million
Loan Loss Allowance	$2.58 million
Unbacked Noncurrent Loans	$2.75 million
Real Estate Owned	$1.11 million
Profit Margin - Quarterly
Net Interest Margin	5.98%
Return on Assets	0.61%
Return on Equity	7.47%
Interest Income	$3.52 million
Non-Interest Income	$1.95 million

Institution Health

Overall Score:

3 out of 5

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, 2012 First Choice Credit Union (FL) had $2.62 million in non-current loans and owned real-estate with $10.1 million in equity and loan loss allowances on hand to cover it. This gives First Choice Credit Union (FL) a Texas Ratio of 25.94% which is average. 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 slightly from 39.40% as of December 31, 2011 to 25.94% as of December 31, 2012, resulting in a positive change of 34.16%.This indicates that the balance sheet and financial strength for First Choice Credit Union (FL) has improved slightly in recent periods.
Deposit Growth
In the past year, First Choice Credit Union (FL) has decreased its total deposits by -$1.67 million, resulting in -1.98% 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 below 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. First Choice Credit Union (FL) has $99.27 million in assets with $10.1 million in equity, resulting in a capitalization level of 10.17%, which is above average.