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Heights Auto Workers Credit Union

Based on 1 review
Heights Auto Workers Credit Union
Overview / Commentary
21540 Cottage Grove Ave
Chicago Heights, IL 60411

Heights Auto Workers Credit Union is headquartered in Chicago Heights and is the 92nd largest credit union in the state of Illinois. It is also the 2,780th largest credit union in the nation. It was established in 1961 and as of December of 2013, it had grown to 11 employees and 6,089 members. Heights Auto Workers Credit Union has a B+ health rating.

Reviews (1)

Sub Prime Loans Camouflaged As Credit Building Loans

Be careful with this credit union, which serves predominately minorities. Every month they offer loan ' specials' and 'credit building loans ' both have extremely high interest rates, and when you apply for one of these loans, you never get the full amount of money you asked for, but they will report that you did on your credit report. Example: you apply for a 2 thousand dollar 'credit building loan' they give you 1300, and they keep the 700, then report to the bureau you have a loan out for 2 thousand even though that's not what you received in reality. Also they advertise these ' credit building loans' but only report one credit bureau, transunion. Bc transunion is based out of Chicago it does not cost them anything. Question: how can you advertise to build someone's credit, but only report their payments to Only One Of The Three reporting bureas?????????????



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. Heights Auto Workers Credit Union 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 Heights Auto Workers Credit Union had $280,000 in non-current loans and owned real-estate with $6.09 million in equity and loan loss allowances on hand to cover it. This gives Heights Auto Workers Credit Union a Texas Ratio of 4.59% 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 Heights Auto Workers Credit Union experienced no significant changes from 3.05% as of December 31, 2012 to 4.59% as of December 31, 2013, resulting in a negative change of 50.79%. This indicates that the balance sheet and financial strength for Heights Auto Workers Credit Union has had no significant changes in recent periods.

Deposit Growth

GRADE:
B

In the past year, Heights Auto Workers Credit Union has increased its total deposits by $267,000, resulting in 0.97% 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 Heights Auto Workers Credit Union has shown is above average.

Capitalization

GRADE:
A+

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. Heights Auto Workers Credit Union has $33.73 million in assets with $6.09 million in equity, resulting in a capitalization level of 18.07%, which is excellent.

Institution Statistics

Overall
NCUA #65640
Year Chartered1961
Employees11
Primary Regulator
Assets and Liabilities
Assets$33.73 million
Loans$13.22 million
Deposits$27.85 million
Equity Capital$5.80 million
Loan Loss Allowance$299,000
Unbacked Noncurrent Loans$177,000
Real Estate Owned$103,000
Historic Data - December 2012
Assets$33.41 million
Equity Capital$5.72 million
Loan Loss Allowance$257,000
Unbacked Noncurrent Loans$177,000
Real Estate Owned$0
Profit Margin - Quarterly
Net Interest Margin9.21%
Return on Assets0.23%
Return on Equity1.36%
Interest Income$1.34 million
Rates

Sorry, we do not have rate data for Heights Auto Workers Credit Union

Locations


Heights Auto Workers Credit Union Locations
Branch Office13912 S Torrence AveBurnham, IL 60633-2127
Branch Office21540 Cottage Grove AveChicago Heights, IL 60411-4345