Freedom First Credit Union
Freedom First Credit Union is headquartered in Roanoke and is the 20th largest credit union in the state of Virginia. It is also the 657th largest credit union in the nation. It was established in 1956 and as of December of 2013, it had grown to 150 employees and 46,146 members. Freedom First Credit Union has a B+ health rating.
Field of Membership Restrictions
Must live, work or go to school in Roanoke, Botetourt, or Montgomery County, Cities of Roanoke, Radford, Salem, or the town of Vinton. - See Details
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 Freedom First Credit Union had $3.79 million in non-current loans and owned real-estate with $34.56 million in equity and loan loss allowances on hand to cover it. This gives Freedom First Credit Union a Texas Ratio of 10.96% 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 Freedom First Credit Union experienced no significant changes from 9.44% as of December 31, 2012 to 10.96% as of December 31, 2013, resulting in a negative change of 16.17%. This indicates that the balance sheet and financial strength for Freedom First Credit Union has had no significant changes in recent periods.
Deposit Growth
In the past year, Freedom First Credit Union has increased its total deposits by $19.8 million, resulting in 8.85% 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 First Credit Union has shown is excellent.
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. Freedom First Credit Union has $315.31 million in assets with $34.56 million in equity, resulting in a capitalization level of 10.96%, which is above average.
Institution Statistics
| Overall | |
|---|---|
| NCUA # | 11111 |
| Year Chartered | 1956 |
| Employees | 150 |
| Primary Regulator |
| Assets and Liabilities | |
|---|---|
| Assets | $315.31 million |
| Loans | $259.84 million |
| Deposits | $243.61 million |
| Equity Capital | $32.69 million |
| Loan Loss Allowance | $1.87 million |
| Unbacked Noncurrent Loans | $3.23 million |
| Real Estate Owned | $563,000 |
| Historic Data - December 2012 | |
|---|---|
| Assets | $292.12 million |
| Equity Capital | $29.54 million |
| Loan Loss Allowance | $1.90 million |
| Unbacked Noncurrent Loans | $3.23 million |
| Real Estate Owned | $1.43 million |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 4.8% |
| Return on Assets | 1.01% |
| Return on Equity | 9.78% |
| Interest Income | $13.61 million |
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Freedom First Credit Union Savings Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.30% | $100k | - | Regular Shares | |
| 0.30% | $100k | - | Vacation Clubs | |
| 0.30% | $100k | - | Christmas Clubs | |
| 0.30% | $100k | - | Little Gobbler Clubs | |
| 0.30% | $100k | - | Life Savings Shares | |
| 0.30% | $100k | - | IRA Account | |
| 0.30% | $100k | - | Secondary Shares | |
| 0.30% | $100k | - | Trust Accounts | |
| 0.30% | $100k | - | Insurance Shares | |
| 0.30% | $100k | - | Roth IRA Account | |
| 0.30% | $100k | - | Education IRA Account |
Freedom First Credit Union Money Market Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.30% | $100k | - | Money Market Account |
Freedom First Credit Union Checking Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.00% | $25k | $100k | Index Checking | |
| 0.10% | $1k | - | Optimum Checking | |
| 0.10% | $1k | - | TECH Express Checking | |
| 0.10% | $1k | - | Freedom Checking |
Freedom First Credit Union CD Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.30% | $500 | - | 60 Month Share Certificate | |
| 0.85% | $500 | - | 48 Month Share Certificate | |
| 0.65% | $500 | - | 36 Month Share Certificate | |
| 0.60% | $500 | - | 24 Month Share Certificate | |
| 0.45% | $500 | - | 12 Month Share Certificate | |
| 0.25% | $500 | - | 6 Month Share Certificate |
Freedom First Credit Union IRA Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.30% | $500 | - | 60 Month IRA | |
| 1.30% | $500 | - | 60 Month IRA Rollover | |
| 1.30% | $500 | - | 60 Month Roth IRA | |
| 1.30% | $500 | - | 60 Month Roth IRA Rollover | |
| 1.30% | $500 | - | 60 Month Education IRA | |
| 1.30% | $500 | - | 60 Month Education IRA Rollover | |
| 0.85% | $500 | - | 48 Month IRA | |
| 0.85% | $500 | - | 48 Month IRA Rollover | |
| 0.85% | $500 | - | 48 Month Roth IRA | |
| 0.85% | $500 | - | 48 Month Roth IRA Rollover | |
| 0.85% | $500 | - | 48 Month Education IRA | |
| 0.85% | $500 | - | 48 Month Education IRA Rollover | |
| 0.65% | $500 | - | 36 Month IRA | |
| 0.65% | $500 | - | 36 Month IRA Rollover | |
| 0.65% | $500 | - | 36 Month Roth IRA | |
| 0.65% | $500 | - | 36 Month Roth IRA Rollover | |
| 0.65% | $500 | - | 36 Month Education IRA | |
| 0.65% | $500 | - | 36 Month Education IRA Rollover | |
| 0.60% | $500 | - | 24 Month IRA | |
| 0.60% | $500 | - | 24 Month IRA Rollover | |
| 0.60% | $500 | - | 24 Month Roth IRA | |
| 0.60% | $500 | - | 24 Month Roth IRA Rollover | |
| 0.60% | $500 | - | 24 Month Education IRA | |
| 0.60% | $500 | - | 24 Month Education IRA Rollover | |
| 0.45% | $500 | - | 12 Month IRA | |
| 0.45% | $500 | - | 12 Month IRA Rollover | |
| 0.45% | $500 | - | 12 Month Roth IRA | |
| 0.45% | $500 | - | 12 Month Roth IRA Rollover | |
| 0.45% | $500 | - | 12 Month Education IRA | |
| 0.45% | $500 | - | 12 Month Education IRA Rollover |
Freedom First Credit Union has 11 locations. Click to view all Freedom First Credit Union locations.