Heritage Credit Union (IN)
Heritage Credit Union (IN) is headquartered in Newburgh and is the 15st largest credit union in the state of Indiana. It is also the 480th largest credit union in the nation. It was established in 1965 and as of March of 2014, it had grown to 136 employees and 45,649 members. Heritage Credit Union (IN)'s savings rates are 4X the national average, and it boasts a A+ health rating.
Field of Membership Restrictions
Must live, work, worship or attend school in Vanderburgh or Warrick County. - See Details
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Data for Q1 2014
Institution Health
Texas Ratio
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 Heritage Credit Union (IN) had $564,000 in non-current loans and owned real-estate with $48.08 million in equity and loan loss allowances on hand to cover it. This gives Heritage Credit Union (IN) a Texas Ratio of 1.17% 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 Heritage Credit Union (IN) experienced no significant changes from 1.02% as of March 31, 2013 to 1.17% as of March 31, 2014, resulting in a negative change of 15.04%. This indicates that the balance sheet and financial strength for Heritage Credit Union (IN) has had no significant changes in recent periods.
Deposit Growth
In the past year, Heritage Credit Union (IN) has increased its total deposits by $23.76 million, resulting in 5.97% 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 Heritage Credit Union (IN) 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. Heritage Credit Union (IN) has $474.1 million in assets with $48.08 million in equity, resulting in a capitalization level of 10.14%, which is above average.
Institution Statistics
| Overall | |
|---|---|
| NCUA # | 16626 |
| Year Chartered | 1965 |
| Employees | 136 |
| Primary Regulator |
| Assets and Liabilities | |
|---|---|
| Assets | $474.10 million |
| Loans | $284.88 million |
| Deposits | $422.08 million |
| Equity Capital | $47.24 million |
| Loan Loss Allowance | $840,000 |
| Unbacked Noncurrent Loans | $564,000 |
| Real Estate Owned | $0 |
| Historic Data - March 2013 | |
|---|---|
| Assets | $447.80 million |
| Equity Capital | $44.76 million |
| Loan Loss Allowance | $922,000 |
| Unbacked Noncurrent Loans | $564,000 |
| Real Estate Owned | $0 |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 1.05% |
| Return on Assets | 0.72% |
| Return on Equity | 7.18% |
| Interest Income | $3.68 million |
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Heritage Credit Union (IN) Savings Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 2.02% | - | - | Health Savings Checking | |
| 0.30% | $100k | - | Prime Performance Savings | |
| 0.20% | - | - | Graduate Planning Account | |
| 0.15% | $25k | - | Primary Share | |
| 0.15% | $25k | - | Savings Account | |
| 0.15% | $25k | - | Christmas Club | |
| 0.15% | $25k | - | Member Defined Club | |
| 0.15% | $25k | - | Primary Share< Age 19 | |
| 0.15% | $25k | - | Savings Account < Age 19 |
Heritage Credit Union (IN) Money Market Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.25% | $25k | - | Money Market |
Heritage Credit Union (IN) Checking Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.05% | $500 | - | Merit Checking | |
| 0.05% | - | - | Future Advantage Checking | |
| 0.05% | - | - | Non Profit Checking | |
| 0.05% | - | - | Prime Advantage Checking (age 50 and better) |
Heritage Credit Union (IN) CD Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.51% | $500 | - | 5 Year CD | |
| 1.16% | $500 | - | 4 Year CD | |
| 1.11% | $500 | - | 3 Year CD | |
| 0.60% | $500 | - | 2 Year CD | |
| 0.30% | $500 | - | 1 Year CD | |
| 0.20% | $2,500 | - | 6-Month CD | |
| 0.15% | $2,500 | - | 91-Day CD |
Heritage Credit Union (IN) IRA Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.76% | $500 | - | 5 Year IRA | |
| 1.41% | $500 | - | 4 Year IRA | |
| 1.36% | $500 | - | 3 Year IRA | |
| 0.85% | $500 | - | 2 Year IRA | |
| 0.55% | $500 | - | 1 Year IRA | |
| 0.45% | $2,500 | - | 6-Month IRA | |
| 0.40% | - | - | 90 Day Notice IRA | |
| 0.40% | $2,500 | - | 91-Day IRA |
| Heritage Credit Union (IN) Locations | ||
|---|---|---|
| Branch Office | 5388 W State Route 66 | Newburgh, IN 47630 |
| Branch Office | 331 E Boonville New Harmony Rd | Evansville, IN 47725 |
| Branch Office | 3540 N 1st Ave | Evansville, IN 47710 |
| Branch Office | 4920 Vogel Rd | Evansville, IN 47715 |
| Branch Office | 966 N State Route 61 | Boonville, IN 47601 |
| Branch Office | 8266 Bell Oaks Dr | Newburgh, IN 47630 |
| Branch Office | 5343 Pearl Dr | Evansville, IN 47712 |
| Branch Office | 5388 W State Route 66 | Newburgh, IN 47630 |