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562 N Main St
Tooele, UT 84074

Heritagewest Credit Union is headquartered in Virginia Beach and is the 5th largest credit union in the state of Virginia. It is also the 78th largest credit union in the nation. It was established in 1959 and as of December of 2013, it had grown to 453 employees and 185,327 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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Data for Q4 2013

Institution Health


Texas Ratio


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 Heritagewest Credit Union had $22.79 million in non-current loans and owned real-estate with $165.39 million in equity and loan loss allowances on hand to cover it. This gives Heritagewest Credit Union a Texas Ratio of 13.78% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend


The Texas Ratio for Heritagewest Credit Union decreased dramatically from 21.46% as of December 31, 2012 to 13.78% as of December 31, 2013, resulting in a positive change of 35.80%.This indicates that the balance sheet and financial strength for Heritagewest Credit Union has improved dramatically in recent periods.

Deposit Growth


In the past year, Heritagewest Credit Union has increased its total deposits by $72.13 million, resulting in 4.19% 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 excellent.



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 $1.96 billion in assets with $165.39 million in equity, resulting in a capitalization level of 8.43%, which is average.

Institution Statistics

NCUA #13242
Year Chartered1959
Primary Regulator
Assets and Liabilities
Assets$1.96 billion
Loans$1.19 billion
Deposits$1.80 billion
Equity Capital$148.45 million
Loan Loss Allowance$16.93 million
Unbacked Noncurrent Loans$17.36 million
Real Estate Owned$5.43 million
Historic Data - December 2012
Assets$1.89 billion
Equity Capital$141.27 million
Loan Loss Allowance$13.87 million
Unbacked Noncurrent Loans$17.36 million
Real Estate Owned$6.43 million
Profit Margin - Quarterly
Net Interest Margin3.93%
Return on Assets0.36%
Return on Equity4.81%
Interest Income$57.89 million

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Heritagewest Credit Union Savings Account Rates

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

0.40%$50k-Money Market

Heritagewest Credit Union Checking Account Rates

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

Heritagewest Credit Union CD Rates

1.86%$500-60 Month CD
1.14%$500-48 Month CD
0.95%$500-36 Month CD
0.55%$500-24 Month CD
0.50%$500-18 Month CD
0.40%$500-12 Month CD
0.30%$500-6 Month CD
0.30%$500-12 Month No Penalty CD

Heritagewest Credit Union IRA Rates

1.86%$500-60 Month IRA
1.14%$500-48 Month IRA
0.95%$500-36 Month IRA
0.55%$500-24 Month IRA
0.50%$500-18 Month IRA
0.40%$500-12 Month IRA
0.30%$500-6 Month IRA

Heritagewest Credit Union has 61 locations. Click to view all Heritagewest Credit Union locations.