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Freedom First Credit Union

OVERALL
INSTITUTION HEALTH
B+
OVERVIEW /
COMMENTARY
REVIEWS
HEALTH RATING
RATES
LOCATIONS
ALERTS
Overview / Commentary
www.freedomfirst.com
866-389-0244
5240 Valleypark Drive
Roanoke, VA 24019

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

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Health

Data for Q4 2013

Institution Health

B+

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 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

GRADE:
C+

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

GRADE:
A+

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

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 $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 Chartered1956
Employees150
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 Margin4.8%
Return on Assets1.01%
Return on Equity9.78%
Interest Income$13.61 million
Rates
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Freedom First Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
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

DetailsAPYMINMAXPRODUCT
0.30%$100k-Money Market Account

Freedom First Credit Union Checking Account Rates

DetailsAPYMINMAXPRODUCT
1.00%$25k$100kIndex Checking
0.10%$1k-Optimum Checking
0.10%$1k-TECH Express Checking
0.10%$1k-Freedom Checking

Freedom First Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
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

DetailsAPYMINMAXPRODUCT
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
Locations

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