First South Financial Credit Union is headquartered in BARTLETT and is the 8th largest credit union in the state of Tennessee. It is also the 475th largest credit union in the nation. It was established in 1957 and as of December of 2013, it had grown to 105 employees and 50,893 members. First South Financial Credit Union has a A+ health rating.
Must live, work, worship or attend school in Shelby, Tipton, Fayette, DeSoto, Marshall, Tate or Tunica county. - See Details
I prefer credit unions over banks for their lower and fewer fees. I mostly chose to open an account at First South because they have locations that are convenient for me.
Unfortunately, I think I've ended up paying more fees at First South than any other bank or credit union I've used. Most recently, they've started charging members a 3% fee to deposit coins. The current annual interest yield on my share account is measly 0.07%. I have a bank account that pays over ten times that rate.
First South provides clear evidence that credit unions aren't always a better value than banks.
On a positive note, in my experience First South has a lot of young and attractive tellers to ogle while waiting in line. This might be the only reason I continue to maintain an account there.
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 South Financial Credit Union had $819,000 in non-current loans and owned real-estate with $130.78 million in equity and loan loss allowances on hand to cover it. This gives First South Financial Credit Union a Texas Ratio of 0.63% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for First South Financial Credit Union held steady from 0.20% as of December 31, 2012 to 0.63% as of December 31, 2013, resulting in a negative change of 213.91%. This indicates that the balance sheet and financial strength for First South Financial Credit Union has held steady in recent periods.
In the past year, First South Financial Credit Union has increased its total deposits by $11.04 million, resulting in 3.43% 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 South Financial Credit Union has shown is excellent.
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 South Financial Credit Union has $460.22 million in assets with $130.78 million in equity, resulting in a capitalization level of 28.42%, which is excellent.
|Assets and Liabilities|
|Equity Capital||$118.75 million|
|Loan Loss Allowance||$12.03 million|
|Unbacked Noncurrent Loans||$712,000|
|Real Estate Owned||$107,000|
|Historic Data - December 2012|
|Equity Capital||$110.34 million|
|Loan Loss Allowance||$10.96 million|
|Unbacked Noncurrent Loans||$712,000|
|Real Estate Owned||$0|
|Profit Margin - Quarterly|
|Net Interest Margin||3.9%|
|Return on Assets||1.83%|
|Return on Equity||7.08%|
|Interest Income||$11.25 million|
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|0.10%||$20k||-||Health Savings Accounts|
|0.10%||-||-||Vacation Savings Club|
|0.35%||$100k||-||Money Market Account|
|1.16%||$50k||-||60 Month CD|
|0.85%||$50k||-||36 Month CD|
|0.85%||$50k||-||48 Month CD|
|0.70%||$50k||-||24 Month CD|
|0.70%||$50k||-||30 Month CD|
|0.55%||$50k||-||12 Month CD|
|0.55%||$50k||-||18 Month CD|
|0.40%||$50k||-||6 Month CD|
|0.30%||$50k||-||3 Month CD|
|0.15%||$100||$10k||6 Month Build-it CD|
|0.10%||$100||$10k||3 Month Build-it CD|
|1.16%||$50k||-||60 Month IRA|
|0.85%||$50k||-||36 Month IRA|
|0.85%||$50k||-||48 Month IRA|
|0.70%||$50k||-||24 Month IRA|
|0.70%||$50k||-||30 Month IRA|
|0.55%||$50k||-||12 Month IRA|
|0.55%||$50k||-||18 Month IRA|
|0.40%||$50k||-||6 Month IRA|
|0.30%||$50k||-||3 Month IRA|