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435-833-7200
160 Newtown Rd
Virginia Beach, VA 23462-2401

Heritagewest Credit Union is headquartered in Virginia Beach and is the 5th largest credit union in the state of Virginia. It is also the 86th largest credit union in the nation. It was established in 1959 and as of March of 2014, it had grown to 447 employees and 183,040 members. Heritagewest Credit Union has a B+ health rating.

Field of Membership Restrictions

Must be a resident of Tooele County. - See Details

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Health

Data for Q1 2014

Institution Health

B+

Texas Ratio

GRADE:
B+

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 Heritagewest Credit Union had $20.01 million in non-current loans and owned real-estate with $165.79 million in equity and loan loss allowances on hand to cover it. This gives Heritagewest Credit Union a Texas Ratio of 12.07% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
B+

The Texas Ratio for Heritagewest Credit Union decreased slightly from 16.67% as of March 31, 2013 to 12.07% as of March 31, 2014, resulting in a positive change of 27.59%.This indicates that the balance sheet and financial strength for Heritagewest Credit Union has improved slightly in recent periods.

Deposit Growth

GRADE:
B+

In the past year, Heritagewest Credit Union has increased its total deposits by $34.88 million, resulting in 1.97% 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 Heritagewest Credit Union has shown is above average.

Capitalization

GRADE:
C

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. Heritagewest Credit Union has $1.98 billion in assets with $165.79 million in equity, resulting in a capitalization level of 8.39%, which is average.

Institution Statistics

Overall
NCUA #13242
Year Chartered1959
Employees447
Primary Regulator
Assets and Liabilities
Assets$1.98 billion
Loans$1.18 billion
Deposits$1.81 billion
Equity Capital$149.60 million
Loan Loss Allowance$16.19 million
Unbacked Noncurrent Loans$15.50 million
Real Estate Owned$4.51 million
Historic Data - March 2013
Assets$1.95 billion
Equity Capital$143.25 million
Loan Loss Allowance$14.45 million
Unbacked Noncurrent Loans$15.50 million
Real Estate Owned$5.35 million
Profit Margin - Quarterly
Net Interest Margin0.95%
Return on Assets0.24%
Return on Equity3.19%
Interest Income$14.14 million
Rates

Always verify rates and promotions with the bank or credit union. We are not Heritagewest Credit Union, we are a rate comparison website and can not provide official rates or promotions.

Heritagewest Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.40%--IRA Share
0.15%$100-Prime Share
0.05%$100-Custom Share
0.05%$100-Business Prime Share

Heritagewest Credit Union Money Market Rates

DetailsAPYMINMAXPRODUCT
0.40%$50k-Money Market

Heritagewest Credit Union Checking Account Rates

DetailsAPYMINMAXPRODUCT
0.20%$2,500-Premium Value Checking
0.15%$1,500-Interest Plus Checking
0.15%$100-Business Checking

Heritagewest Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
1.86%$500-60 Month CD
1.14%$500-48 Month CD
0.95%$500-36 Month CD
0.75%$500-24 Month CD
0.50%$500-12 Month CD
0.50%$500-18 Month CD
0.30%$500-6 Month CD
0.20%$500-12 Month No Penalty CD

Heritagewest Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
1.86%$500-60 Month IRA
1.14%$500-48 Month IRA
0.95%$500-36 Month IRA
0.75%$500-24 Month IRA
0.50%$500-12 Month IRA
0.50%$500-18 Month IRA
0.30%$500-6 Month IRA
Locations

Heritagewest Credit Union has 17 locations. Click to view all Heritagewest Credit Union locations.