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120 Motor Pkwy
Hauppauge, NY 11788-5107

Island Federal Credit Union is headquartered in Hauppauge and is the 17st largest credit union in the state of New York. It is also the 215st largest credit union in the nation. It was established in 1955 and as of March of 2014, it had grown to 79 employees and 31,651 members. Island Federal Credit Union's money market rates are 14% higher than the national average, and it has a A health rating.

Field of Membership Restrictions

Membership is open to anyone who lives, works, worships or attends school in Nassau County or Suffolk County (with the exception of the townships of East Hampton, Southampton and Shelter Island) within the State of New York, USA. Share account with $5 minimum balance required. - 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 Island Federal Credit Union had $966,000 in non-current loans and owned real-estate with $79.71 million in equity and loan loss allowances on hand to cover it. This gives Island Federal Credit Union a Texas Ratio of 1.21% 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 Island Federal Credit Union decreased dramatically from 1.78% as of March 31, 2013 to 1.21% as of March 31, 2014, resulting in a positive change of 31.98%.This indicates that the balance sheet and financial strength for Island Federal Credit Union has improved dramatically in recent periods.

Deposit Growth


In the past year, Island Federal Credit Union has increased its total deposits by $78.98 million, resulting in 10.53% 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 Island Federal 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. Island Federal Credit Union has $1.02 billion in assets with $79.71 million in equity, resulting in a capitalization level of 7.84%, which is below average.

Institution Statistics

NCUA #10023
Year Chartered1955
Primary Regulator
Assets and Liabilities
Assets$1.02 billion
Loans$342.08 million
Deposits$829.10 million
Equity Capital$78.50 million
Loan Loss Allowance$1.21 million
Unbacked Noncurrent Loans$966,000
Real Estate Owned$0
Historic Data - March 2013
Assets$908.96 million
Equity Capital$93.91 million
Loan Loss Allowance$1.01 million
Unbacked Noncurrent Loans$966,000
Real Estate Owned$0
Profit Margin - Quarterly
Net Interest Margin0.58%
Return on Assets0.57%
Return on Equity7.36%
Interest Income$6.30 million

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Island Federal Credit Union Savings Account Rates

0.25%--Regular IRA Savings
0.25%--Roth IRA Savings
0.25%--Education IRA Savings
0.10%--Regular Savings
0.10%--Vacation Club
0.10%--Holiday Club

Island Federal Credit Union Money Market Rates

0.50%$250k-Money Market GOLD
0.15%--Money Market PLUS

Island Federal Credit Union Checking Account Rates

0.05%--Checking Account

Island Federal Credit Union CD Rates

2.00%$1k-60 Month Certificate
2.00%$500-60 Month Kid's Certificate
1.75%$1k-48 Month Certificate
1.75%$500-48 Month Kid's Certificate
1.35%$1k-36 Month Certificate
1.35%$500-36 Month Kid's Certificate
1.06%$1k-24 Month Certificate
1.06%$500-24 Month Kid's Certificate
0.65%$1k-13 Month Certificate Special
0.65%$500-13 Month Kid's Special
0.50%$1k-12 Month Certificate
0.50%$500-12 Month Kid's Certificate
0.40%$1k-6 Month Certificate
0.40%$500-6 Month Kid's Certificate
0.35%$1k-3 Month Certificate
0.35%$500-3 Month Kid's Certificate

Island Federal Credit Union IRA Rates

2.00%$1k-60 Month IRA Certificate
1.75%$1k-48 Month IRA Certificate
1.35%$1k-36 Month IRA Certificate
1.06%$1k-24 Month IRA Certificate
0.65%$1k-13 Month IRA Special
0.50%$1k-12 Month IRA Certificate
0.40%$1k-6 Month IRA Certificate
0.35%$1k-3 Month IRA Certificate

Island Federal Credit Union Locations
Branch Office85 E Old Country RdHicksville, NY 11801-4243
Branch Office120 Motor PkwyHauppauge, NY 11788-5107
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