First Priority Credit Union is headquartered in BOSTON and is the 53rd largest credit union in the state of Massachusetts. It is also the 1,378th largest credit union in the nation. It was established in 1924 and as of September of 2013, it had grown to 21 employees and 7,727 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
Related Posts
9/18 - 2.75% 24-Month CD & 3.00% 36-Month CD at First Priority Credit Union in MA - Local Only
9/1 - 3.00% 9-Month CD at First Priority Credit Union in MA - Local Only
2/25 - 3.00% 9-Month CD & 4.25% 60-Month CD at First Priority Credit Union in MA
1/27 - 4.00% 5-Month CD, 3.50% 9-Month CD & Other High CD Rates at First Priority Credit Union in MA
Data for Q3 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 September 30, 2013 First Priority Credit Union had $1.5 million in non-current loans and owned real-estate with $17.51 million in equity and loan loss allowances on hand to cover it. This gives First Priority Credit Union a Texas Ratio of 8.56% 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 held steady from 5.49% as of September 30, 2012 to 8.56% as of September 30, 2013, resulting in a negative change of 56.08%. This indicates that the balance sheet and financial strength for First Priority Credit Union has held steady in recent periods.
Deposit Growth
In the past year, First Priority Credit Union has decreased its total deposits by -$18.42 million, resulting in -16.25% 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 poor.
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 $112.59 million in assets with $17.51 million in equity, resulting in a capitalization level of 15.55%, which is excellent.
Institution Statistics
| Overall | |
|---|---|
| NCUA # | 66593 |
| Year Chartered | 1924 |
| Employees | 21 |
| Primary Regulator |
| Assets and Liabilities | |
|---|---|
| Assets | $112.59 million |
| Loans | $59.61 million |
| Deposits | $94.92 million |
| Equity Capital | $17.08 million |
| Loan Loss Allowance | $432,000 |
| Unbacked Noncurrent Loans | $1.18 million |
| Real Estate Owned | $322,000 |
| Historic Data - September 2012 | |
|---|---|
| Assets | $132.16 million |
| Equity Capital | $17.92 million |
| Loan Loss Allowance | $531,000 |
| Unbacked Noncurrent Loans | $1.18 million |
| Real Estate Owned | $322,000 |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 4.41% |
| Return on Assets | 0.03% |
| Return on Equity | 0.2% |
| Interest Income | $2.88 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 | |
| 1.30% | $1k | - | 5 Year Roth IRA | |
| 1.30% | $1k | - | 5 Year CESA | |
| 1.20% | $1k | - | 4 Year IRA | |
| 1.20% | $1k | - | 4 Year Roth IRA | |
| 1.20% | $1k | - | 4 Year CESA | |
| 1.00% | $1k | - | 3 Year IRA | |
| 1.00% | $1k | - | 3 Year Roth IRA | |
| 1.00% | $1k | - | 3 Year CESA | |
| 0.75% | $1k | - | 2 Year IRA | |
| 0.75% | $1k | - | 2 Year Roth IRA | |
| 0.75% | $1k | - | 2 Year CESA | |
| 0.50% | $1k | - | 15 Month IRA | |
| 0.50% | $1k | - | 18 Month IRA | |
| 0.50% | $1k | - | 15 Month Roth IRA | |
| 0.50% | $1k | - | 18 Month Roth IRA | |
| 0.50% | $1k | - | 15 Month CESA | |
| 0.50% | $1k | - | 18 Month CESA | |
| 0.40% | $1k | - | 9 Month IRA | |
| 0.40% | $1k | - | 1 Year IRA | |
| 0.40% | $1k | - | 9 Month Roth IRA | |
| 0.40% | $1k | - | 1 Year Roth IRA | |
| 0.40% | $1k | - | 9 Month CESA | |
| 0.40% | $1k | - | 1 Year CESA | |
| 0.25% | $1k | - | 6 Month IRA | |
| 0.25% | $1k | - | 6 Month Roth IRA | |
| 0.25% | $1k | - | 6 Month CESA | |
| 0.15% | $1k | - | 3 Month IRA | |
| 0.15% | $1k | - | 3 Month Roth IRA | |
| 0.15% | $1k | - | 3 Month CESA |
| First Priority Credit Union Locations | ||
|---|---|---|
| Branch Office | 100 SWIFT ST | EAST BOSTON, MA 021281864 |
| Branch Office | 25 DORCHESTER AVE | BOSTON, MA 02205 |