Freedom First Credit Union

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INSTITUTION HEALTH

Based on 1 review

OVERVIEW /
COMMENTARY

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Overview / Commentary

www.freedomfirst.com

866-389-0244

5240 Valleypark Dr
Roanoke, VA 24019-3002

Freedom First Credit Union is headquartered in Roanoke and is the 19^st largest credit union in the state of Virginia. It is also the 647^th largest credit union in the nation. It was established in 1956 and as of March of 2014, it had grown to 155 employees and 45,862 members. Freedom First Credit Union has a A 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

Reviews (1)

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Great Credit Union And People!

POSTED ON TUESDAY JUNE 10, 2014 by Angela Beasley

They worked with me when I needed it. The Vinton, Va branch was great in helping me get my account straight as I am getting back on my feet. It's not always about money, sometimes it just takes people to listen and help when needed.

Health

Data for Q1 2014

Institution Health

Texas Ratio

GRADE:

A+

The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Freedom First Credit Union had $2.42 million in non-current loans and owned real-estate with $34.63 million in equity and loan loss allowances on hand to cover it. This gives Freedom First Credit Union a Texas Ratio of 7.00% 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 First Credit Union experienced no significant changes from 5.38% as of March 31, 2013 to 7.00% as of March 31, 2014, resulting in a negative change of 30.13%. This indicates that the balance sheet and financial strength for Freedom First Credit Union has had no significant changes in recent periods.

Deposit Growth

GRADE:

A+

In the past year, Freedom First Credit Union has increased its total deposits by $19.16 million, resulting in 7.97% 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

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 First Credit Union has $331.49 million in assets with $34.63 million in equity, resulting in a capitalization level of 10.45%, which is above average.

Institution Statistics

Overall
NCUA #	11111
Year Chartered	1956
Employees	155
Primary Regulator

Assets and Liabilities
Assets	$331.49 million
Loans	$263.43 million
Deposits	$259.55 million
Equity Capital	$32.75 million
Loan Loss Allowance	$1.88 million
Unbacked Noncurrent Loans	$2.15 million
Real Estate Owned	$280,000

Historic Data - March 2013
Assets	$310.12 million
Equity Capital	$30.16 million
Loan Loss Allowance	$1.85 million
Unbacked Noncurrent Loans	$2.15 million
Real Estate Owned	$686,000

Profit Margin - Quarterly
Net Interest Margin	1.23%
Return on Assets	0.08%
Return on Equity	0.83%
Interest Income	$3.51 million

Rates

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Savings
Money Market
Checking
CD
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Always verify rates and promotions with the bank or credit union. We are not Freedom First Credit Union, we are a rate comparison website and can not provide official rates or promotions.

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Freedom First Credit Union Savings Account Rates

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

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

APY	MIN	MAX	PRODUCT
1.30%	$500	-	60 Month Share Certificate
0.85%	$500	-	48 Month Share Certificate
0.80%	$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

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
0.80%	$500	-	36 Month IRA
0.80%	$500	-	36 Month IRA Rollover
0.80%	$500	-	36 Month Roth IRA
0.80%	$500	-	36 Month Roth IRA Rollover
0.80%	$500	-	36 Month Education IRA
0.80%	$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

Locations

Freedom First Credit Union has 11 locations. Click to view all Freedom First Credit Union locations.