Florida Central Credit Union is headquartered in Tampa and is the 31st largest credit union in the state of Florida. It is also the 537th largest credit union in the nation. It was established in 1954 and as of September of 2013, it had grown to 111 employees and 50,289 members. Florida Central Credit Union has a B+ health rating.
You may become a member through your employer. Visit your Human Resources Department to find out if membership in floridacentral Credit Union is offered to the employees of your company. Membership is also open to anyone who lives or works in Pasco, Hillsborough, Pinellas, Polk, Manatee, Sarasota, DeSoto, Charlotte, Orange, or Lake counties. If you live in the state of Florida and have an immediate relative that is currently a member of floridacentral Credit Union, you are eligible to join. You will need to deposit $5 to open your savings account. Your savings account establishes your membership in the floridacentral Credit Union. - See Details
On January 31, 2011 FCCU board approved lowering the interest rate for Ultimate reward checking account to 3.51%APY for up to $15K. To receive 4.50%APY interest rate, members now have to have at least a $5K loan with FCCU. FCCU did not notify members of this change, have not updated their brochures for this product, and have only printed a small addendum of the rate to include with new member packets, and have hidden the change in requirements in their website so that it still appears that the qualifications for the 4.50% APY interest rate have not changed. I don't take issue with the interest rate, but with the way it was NOT communicated to current and even new members. The advertising continues to be very deceptive.
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 Florida Central Credit Union had $1.96 million in non-current loans and owned real-estate with $36.44 million in equity and loan loss allowances on hand to cover it. This gives Florida Central Credit Union a Texas Ratio of 5.36% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Florida Central Credit Union held steady from 4.86% as of September 30, 2012 to 5.36% as of September 30, 2013, resulting in a negative change of 10.43%. This indicates that the balance sheet and financial strength for Florida Central Credit Union has held steady in recent periods.
In the past year, Florida Central Credit Union has increased its total deposits by $3.12 million, resulting in 0.9% 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 Florida Central 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. Florida Central Credit Union has $390.96 million in assets with $36.44 million in equity, resulting in a capitalization level of 9.32%, which is average.
|Assets and Liabilities|
|Equity Capital||$34.64 million|
|Loan Loss Allowance||$1.81 million|
|Unbacked Noncurrent Loans||$1.73 million|
|Real Estate Owned||$229,000|
|Historic Data - September 2012|
|Equity Capital||$32.00 million|
|Loan Loss Allowance||$2.07 million|
|Unbacked Noncurrent Loans||$1.73 million|
|Real Estate Owned||$105,000|
|Profit Margin - Quarterly|
|Net Interest Margin||3.46%|
|Return on Assets||0.44%|
|Return on Equity||4.92%|
|Interest Income||$10.21 million|
Always verify rates and promotions with the bank or credit union. We are not Florida Central Credit Union, we are a rate comparison website and can not provide official rates or promotions.
|0.41%||-||-||Roth IRA Savings|
|3.25%||-||$5k||Ultimate Checking with qualified loan|
|1.75%||-||$1k||Ultimate Checking with qualified loan|
|0.10%||-||-||Ultimate Checking with qualified loan|
|1.60%||$500||-||5 Year CD|
|1.40%||$500||-||4 Year CD|
|1.10%||$500||-||3 Year CD|
|0.71%||$500||-||2 Year CD|
|0.41%||$500||-||1 Year CD|
|0.26%||$500||-||6 Month CD|
|1.60%||-||-||5 Year IRA|
|1.60%||-||-||5 Year Roth IRA|
|1.40%||-||-||4 Year IRA|
|1.40%||-||-||4 Year Roth IRA|
|1.10%||-||-||3 Year IRA|
|1.10%||-||-||3 Year Roth IRA|
|0.71%||-||-||2 Year IRA|
|0.71%||-||-||2 Year Roth IRA|
|0.41%||-||-||1 Year IRA|
|0.41%||-||-||1 Year Roth IRA|
|0.26%||-||-||6 Month IRA|
|0.26%||-||-||6 Month Roth IRA|