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Overview / Commentary
230 W Monroe St, Suite 2850
Chicago, IL 60606

First Northern Credit Union is headquartered in Chicago and is the 20th largest credit union in the state of Illinois. It is also the 672nd largest credit union in the nation. It was established in 1944 and as of December of 2013, it had grown to 76 employees and 24,557 members. First Northern Credit Union has a B+ health rating.

Field of Membership Restrictions

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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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 First Northern Credit Union had $478,000 in non-current loans and owned real-estate with $24 million in equity and loan loss allowances on hand to cover it. This gives First Northern Credit Union a Texas Ratio of 1.99% 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 First Northern Credit Union decreased dramatically from 3.07% as of December 31, 2012 to 1.99% as of December 31, 2013, resulting in a positive change of 35.21%.This indicates that the balance sheet and financial strength for First Northern Credit Union has improved dramatically in recent periods.

Deposit Growth


In the past year, First Northern Credit Union has increased its total deposits by $649,000, resulting in 0.23% 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 above 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 $307.65 million in assets with $24 million in equity, resulting in a capitalization level of 7.80%, which is below average.

Institution Statistics

NCUA #66359
Year Chartered1944
Primary Regulator
Assets and Liabilities
Assets$307.65 million
Loans$122.55 million
Deposits$282.65 million
Equity Capital$22.84 million
Loan Loss Allowance$1.16 million
Unbacked Noncurrent Loans$478,000
Real Estate Owned$0
Historic Data - December 2012
Assets$308.23 million
Equity Capital$24.07 million
Loan Loss Allowance$1.15 million
Unbacked Noncurrent Loans$478,000
Real Estate Owned$250,000
Profit Margin - Quarterly
Net Interest Margin4.94%
Return on Assets-0.26%
Return on Equity-3.49%
Interest Income$7.75 million

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First Northern Credit Union Savings Account Rates

0.15%$25k-Share Savings
0.15%$25k-Holiday Club
0.15%$25k-Vacation Club
0.15%$25k-Moola Moose Club
0.15%$25k-Compass Club

First Northern Credit Union Money Market Rates

0.30%$100k-Money Market - Market Yield
0.15%$25k-Money Market - Market Demand

First Northern Credit Union Checking Account Rates

1.00%-$7,500Advantage Checking
0.05%--Preferred Checking

First Northern Credit Union CD Rates

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

First Northern Credit Union IRA Rates

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 (Traditional,Roth)
0.50%$50k-36 Month IRA Share Certificate (Traditional,Roth)
0.40%$50k-24 Month IRA Share Certificate (Traditional,Roth)
0.30%$50k-18 Month IRA Share Certificate (Traditional,Roth)
0.25%$50k-12 Month IRA Share Certificate (Traditional,Roth)
0.20%$50k-6 Month IRA Share Certificate (Traditional,Roth)

First Northern Credit Union Locations
Branch Office104 N Show Place DrRockford, IL 61107
Branch Office2235 12th StRockford, IL 61104
Branch Office2 E Stephenson StFreeport, IL 61032
Branch Office230 W Monroe St Suite 2850Chicago, IL 60606
Branch Office541 N Fairbanks CtChicago, IL 60611
Branch Office726 Clark StEvanston, IL 60201