First Priority Credit Union is headquartered in BOSTON and is the 55th largest credit union in the state of Massachusetts. It is also the 1,424th largest credit union in the nation. It was established in 1924 and as of December of 2013, it had grown to 22 employees and 7,668 members. First Priority Credit Union has a B+ health rating.
Field of Membership Restrictions
First Priority Credit Union is open to members of the Postal Community (employees, retirees, family members) as well as those that live and work in Massachusetts' Essex County or Suffolk County. - See Details
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9/18 - 2.75% 24-Month CD & 3.00% 36-Month CD at First Priority Credit Union in MA - Local Only
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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 Priority Credit Union had $1.02 million in non-current loans and owned real-estate with $17.42 million in equity and loan loss allowances on hand to cover it. This gives First Priority Credit Union a Texas Ratio of 5.84% 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 Priority Credit Union decreased slightly from 7.51% as of December 31, 2012 to 5.84% as of December 31, 2013, resulting in a positive change of 22.21%.This indicates that the balance sheet and financial strength for First Priority Credit Union has improved slightly in recent periods.
Deposit Growth
In the past year, First Priority Credit Union has decreased its total deposits by -$5.74 million, resulting in -6.03% 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 First Priority Credit Union 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 Priority Credit Union has $106.8 million in assets with $17.42 million in equity, resulting in a capitalization level of 16.31%, which is excellent.
Institution Statistics
| Overall | |
|---|---|
| NCUA # | 66593 |
| Year Chartered | 1924 |
| Employees | 22 |
| Primary Regulator |
| Assets and Liabilities | |
|---|---|
| Assets | $106.80 million |
| Loans | $58.81 million |
| Deposits | $89.35 million |
| Equity Capital | $17.01 million |
| Loan Loss Allowance | $412,000 |
| Unbacked Noncurrent Loans | $871,000 |
| Real Estate Owned | $147,000 |
| Historic Data - December 2012 | |
|---|---|
| Assets | $113.53 million |
| Equity Capital | $17.80 million |
| Loan Loss Allowance | $597,000 |
| Unbacked Noncurrent Loans | $871,000 |
| Real Estate Owned | $322,000 |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 5.9% |
| Return on Assets | 0.11% |
| Return on Equity | 0.71% |
| Interest Income | $3.81 million |
Always verify rates and promotions with the bank or credit union. We are not First Priority Credit Union, we are a rate comparison website and can not provide official rates or promotions.
First Priority Credit Union Savings Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.15% | - | - | Share Account | |
| 0.15% | - | - | IRA Accumulator | |
| 0.15% | - | - | Holiday Account | |
| 0.15% | - | - | Vacation Account | |
| 0.15% | - | - | All-Purpose Account |
First Priority Credit Union Money Market Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.30% | $25k | - | Money Market Account |
First Priority Credit Union CD Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.30% | $1k | - | 5 Year CD | |
| 1.20% | $1k | - | 4 Year CD | |
| 1.00% | $1k | - | 3 Year CD | |
| 0.75% | $1k | - | 2 Year CD | |
| 0.50% | $1k | - | 15 Month CD | |
| 0.50% | $1k | - | 18 Month CD | |
| 0.40% | $1k | - | 9 Month CD | |
| 0.40% | $1k | - | 1 Year CD | |
| 0.25% | $1k | - | 6 Month CD | |
| 0.15% | $1k | - | 3 Month CD |
First Priority Credit Union IRA Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.30% | $1k | - | 5 Year IRA (Traditional,Roth,CESA) | |
| 1.20% | $1k | - | 4 Year IRA (Traditional,Roth,CESA) | |
| 1.00% | $1k | - | 3 Year IRA (Traditional,Roth,CESA) | |
| 0.75% | $1k | - | 2 Year IRA (Traditional,Roth,CESA) | |
| 0.50% | $1k | - | 15 Month IRA (Traditional,Roth,CESA) | |
| 0.50% | $1k | - | 18 Month IRA (Traditional,Roth,CESA) | |
| 0.40% | $1k | - | 9 Month IRA (Traditional,Roth,CESA) | |
| 0.40% | $1k | - | 1 Year IRA (Traditional,Roth,CESA) | |
| 0.25% | $1k | - | 6 Month IRA (Traditional,Roth,CESA) | |
| 0.15% | $1k | - | 3 Month IRA (Traditional,Roth,CESA) |
| First Priority Credit Union Locations | ||
|---|---|---|
| Branch Office | 100 SWIFT ST | EAST BOSTON, MA 021281864 |
| Branch Office | 25 DORCHESTER AVE | BOSTON, MA 02205 |