First Northern Credit Union is headquartered in Chicago and is the 20th largest credit union in the state of Illinois. It is also the 671st largest credit union in the nation. It was established in 1944 and as of March of 2014, it had grown to 63 employees and 24,460 members. First Northern Credit Union has a B+ health rating.
Membership is open to anyone who lives or works in select counties in Illinois. There are also several Select Employee Groups. Membership requires a minimum deposit of $5 into your share savings account. - See Details
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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 Northern Credit Union had $450,000 in non-current loans and owned real-estate with $23.92 million in equity and loan loss allowances on hand to cover it. This gives First Northern Credit Union a Texas Ratio of 1.88% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for First Northern Credit Union decreased slightly from 2.51% as of March 31, 2013 to 1.88% as of March 31, 2014, resulting in a positive change of 25.09%.This indicates that the balance sheet and financial strength for First Northern Credit Union has improved slightly in recent periods.
In the past year, First Northern Credit Union has decreased its total deposits by $-368,000, resulting in -0.13% 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 Northern Credit Union 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 Northern Credit Union has $316.65 million in assets with $23.92 million in equity, resulting in a capitalization level of 7.56%, which is below average.
|Assets and Liabilities|
|Equity Capital||$22.76 million|
|Loan Loss Allowance||$1.17 million|
|Unbacked Noncurrent Loans||$450,000|
|Real Estate Owned||$0|
|Historic Data - March 2013|
|Equity Capital||$24.06 million|
|Loan Loss Allowance||$1.11 million|
|Unbacked Noncurrent Loans||$450,000|
|Real Estate Owned||$250,000|
|Profit Margin - Quarterly|
|Net Interest Margin||1.27%|
|Return on Assets||-0.1%|
|Return on Equity||-1.35%|
|Interest Income||$1.94 million|
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|0.15%||$25k||-||Moola Moose Club|
|0.30%||$100k||-||Money Market - Market Yield|
|0.15%||$25k||-||Money Market - Market Demand|
|1.00%||-||$7,500||Advantage Checking - Qualifying|
|0.90%||$50k||-||60 Month Share Certificate|
|0.50%||$50k||-||36 Month Share Certificate|
|0.40%||$50k||-||24 Month Share Certificate|
|0.30%||$50k||-||18 Month Share Certificate|
|0.25%||$50k||-||12 Month Share Certificate|
|0.20%||$50k||-||6 Month Share Certificate|
|1.80%||$500||-||60 Month Coverdell ESA Certificate|
|1.40%||$500||-||36 Month Coverdell ESA Certificate|
|1.30%||$500||-||24 Month Coverdell ESA Certificate|
|1.20%||$500||-||18 Month Coverdell ESA Certificate|
|1.15%||$500||-||12 Month Coverdell ESA Certificate|
|1.10%||$500||-||6 Month Coverdell ESA Certificate|
|0.90%||$50k||-||60 Month IRA Share Certificate|
|0.50%||$50k||-||36 Month IRA Share Certificate|
|0.40%||$50k||-||24 Month IRA Share Certificate|
|0.30%||$50k||-||18 Month IRA Share Certificate|
|0.25%||$50k||-||12 Month IRA Share Certificate|
|0.20%||$50k||-||6 Month IRA Share Certificate|
|First Northern Credit Union Locations|
|Branch Office||104 N Show Place Dr||Rockford, IL 61107|
|Branch Office||2235 12th St||Rockford, IL 61104|
|Branch Office||2 E Stephenson St||Freeport, IL 61032|
|Branch Office||230 W Monroe St Suite 2850||Chicago, IL 60606|
|Branch Office||541 N Fairbanks Ct||Chicago, IL 60611|
|Branch Office||726 Clark St||Evanston, IL 60201|