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Overview / Commentary
801-375-2120
815 N Freedom Blvd
Provo, UT 84604

Freedom CU (UT) is headquartered in Provo and is the 34th largest credit union in the state of Utah. It is also the 3,186th largest credit union in the nation. It was established in 1956 and as of December of 2013, it had grown to 4 employees and 3,237 members. Freedom CU (UT) has a B+ health rating.

Field of Membership Restrictions

Must live, work or attend school in Utah County. - See Details

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Health

Data for Q4 2013

Institution Health

B+
Additional Factors: Institutions with a small asset base or a short operating history can represent an instability risk beyond what their financial ratios indicate. Freedom CU (UT) has a low asset base.

Texas Ratio

GRADE:
A+

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 Freedom CU (UT) had $33,000 in non-current loans and owned real-estate with $2.6 million in equity and loan loss allowances on hand to cover it. This gives Freedom CU (UT) a Texas Ratio of 1.27% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
C+

The Texas Ratio for Freedom CU (UT) experienced no significant changes from 0.53% as of December 31, 2012 to 1.27% as of December 31, 2013, resulting in a negative change of 137.44%. This indicates that the balance sheet and financial strength for Freedom CU (UT) has had no significant changes in recent periods.

Deposit Growth

GRADE:
A+

In the past year, Freedom CU (UT) has increased its total deposits by $1.55 million, resulting in 7.35% 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 Freedom CU (UT) has shown is excellent.

Capitalization

GRADE:
B+

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. Freedom CU (UT) has $25.18 million in assets with $2.6 million in equity, resulting in a capitalization level of 10.33%, which is above average.

Institution Statistics

Overall
NCUA #67129
Year Chartered1956
Employees4
Primary Regulator
Assets and Liabilities
Assets$25.18 million
Loans$18.12 million
Deposits$22.63 million
Equity Capital$2.50 million
Loan Loss Allowance$104,000
Unbacked Noncurrent Loans$33,000
Real Estate Owned$0
Historic Data - December 2012
Assets$23.48 million
Equity Capital$2.31 million
Loan Loss Allowance$123,000
Unbacked Noncurrent Loans$33,000
Real Estate Owned$0
Profit Margin - Quarterly
Net Interest Margin4.21%
Return on Assets0.56%
Return on Equity5.61%
Interest Income$879,000
Rates
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Freedom CU (UT) Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.25%$100-IRA Share Savings Account
0.25%$100-Roth IRA Share Savings Account
0.07%$100-Savings Account

Freedom CU (UT) Money Market Rates

DetailsAPYMINMAXPRODUCT
0.25%$50k-Money Market

Freedom CU (UT) CD Rates

DetailsAPYMINMAXPRODUCT
1.85%$500-60 Month Traditional CD
1.85%$500-60 Month Youth CD
1.25%$500-48 Month Traditional CD
1.25%$500-48 Month Youth CD
1.00%$500-36 Month Traditional CD
1.00%$500-36 Month Youth CD
0.60%$500-24 Month Traditional CD
0.60%$500-24 Month Youth CD
0.55%$500-18 Month Traditional CD
0.55%$500-18 Month Youth CD
0.40%$500-12 Month Traditional CD
0.40%$500-12 Month Youth CD
0.25%$500-6 Month Traditional CD
0.25%$500-6 Month Youth CD

Freedom CU (UT) IRA Rates

DetailsAPYMINMAXPRODUCT
1.85%$500-60 Month IRA (Traditional,Roth)
1.25%$500-48 Month IRA (Traditional,Roth)
1.00%$500-36 Month IRA (Traditional,Roth)
0.60%$500-24 Month IRA (Traditional,Roth)
0.55%$500-18 Month IRA (Traditional,Roth)
0.40%$500-12 Month IRA (Traditional,Roth)
0.25%$500-6 Month IRA (Traditional,Roth)
Locations


Freedom CU (UT) Locations
Branch Office815 N Freedom BlvdProvo, UT 84604-3315