2.5 star ratingAverage User Rating:
2.5 star rating based on 3 reviews.

Legacy Community Federal Credit Union

Legacy Community Federal Credit Union Locations
1400 South 20th Street/P.O. Box 55377
Birmingham, AL 35255-557
800-828-0103
www.legacycreditunion.com

Legacy Community Federal Credit Union is headquartered in BIRMINGHAM and is the 11st largest credit union in the state of Alabama. It is also the 497th largest credit union in the nation. It was established in 1955 and as of September of 2011, it had grown to 103 employees and 42,442 members. Legacy Community Federal Credit Union's money market rates are 14% higher than the national average, and it boasts a 5-star health rating.

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See Rates for: Checking | Savings | Money Market | CD | IRA

Legacy Community Federal Credit Union Checking Account Rates

ApyMinMaxProduct
2.00%-$25kPremier Checking
0.50%$2,500-Super NOW Checking
0.50%$2,500$1mPreferred Checking

Legacy Community Federal Credit Union Savings Account Rates

ApyMinMaxProduct
0.50%$100k-Daily Share/Club IRA Balance
0.50%--Christmas/Regular Club Accounts

Legacy Community Federal Credit Union Money Market Rates

ApyMinMaxProduct
1.00%$50k-Preferred Money Market

Legacy Community Federal Credit Union CD Rates

ApyMinMaxProduct
2.00%$500-60 Month CD
1.25%$500-48 Month CD
0.85%$500-30 Month CD
0.85%$500-36 Month CD
0.80%$500-24 Month CD
0.80%$500-25 Month CD
0.65%$500-18 Month CD
0.50%$500-12 Month CD
0.30%$500-6 Month CD
0.25%$500-91 Day CD

Legacy Community Federal Credit Union IRA Rates

ApyMinMaxProduct
2.00%$500-60 Month IRA
1.25%$500-48 Month IRA
0.85%$500-30 Month IRA
0.85%$500-36 Month IRA
0.80%$500-24 Month IRA
0.80%$500-25 Month IRA
0.65%$500-18 Month IRA
0.50%$500-12 Month IRA
0.30%$500-6 Month IRA
0.25%$500-91 Day IRA

Rates updated: 2/11/2012

Data for Q3 2011


Institution Statistics


LEGACY COMMUNITY
NCUA #24421
BankRate ReportView
Year Established1955
Employees103
Primary Regulator

Assets and Liabilities

Assets$386.03 million
Loans$134.80 million
Deposits$335.49 million
Equity Capital$45.24 million
Loan Loss Allowance$754,000
Unbacked Noncurrent Loans$588,000

Historic Data - September 2010

Assets$341.42 million
Equity Capital$42.38 million
Loan Loss Allowance$653,000
Unbacked Noncurrent Loans$790,000

Profit Margin - Quarterly

Net Interest Margin3.58%
Return on Assets0.6%
Return on Equity5.1%
Interest Income$8.43 million
Non-Interest Income$6.85 million

Institution Health


Overall Score:
5 out of 5
5
Texas Ratio5
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 September 30, 2011 Legacy Community Federal Credit Union had $588,000 in non-current loans and owned real-estate with $46 million in equity and loan loss allowances on hand to cover it. This gives Legacy Community Federal Credit Union a Texas Ratio of 1.28% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend4
The Texas Ratio for Legacy Community Federal Credit Union decreased slightly from 1.84% as of September 30, 2010 to 1.28% as of September 30, 2011, resulting in a positive change of 30.37%.This indicates that the balance sheet and financial strength for Legacy Community Federal Credit Union has improved slightly in recent periods.
Deposit Growth5
In the past year, Legacy Community Federal Credit Union has increased its total deposits by $39.23 million, resulting in 13.24% 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 Legacy Community Federal Credit Union has shown is excellent.
Capitalization4
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. Legacy Community Federal Credit Union has $386.03 million in assets with $46 million in equity, resulting in a capitalization level of 11.91%, which is above average.
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Attorney's Fees
1 stars - Andrew_R - Wednesday, December 28, 2011 - 5:25 PM

We had an account for 26 years. Temporary financial hardship delayed our ability to pay the Mastercard on time for 2 months. Legacy handed our account over to attorneys. The statement that was $2,914.32, now is $3,892.96, with Attorney's Fees of $971.43. That's like a 33.5% interest, but it's not the "members" who are getting it. It's attorneys. Nice customer service! And to think we were about to move all our financial accounts over the Legacy... whew! 

2

Very Good And Safe Financial Institution
5 stars - WorkingMom - Monday, June 28, 2010 - 9:30 PM

I have done business with Legacy for 10 years and find their products very useful and financially beneficial for me.  I have never had any problems with sensitive information and their staff is very friendly.

1

Beware That This "Credit Union" Requires A 650 Credit Score Or Higher In Order To Open The 4%
1 stars - Anonymous - Wednesday, April 21, 2010 - 8:33 PM

Beware that this "credit union" requires a 650 credit score or higher in order to open the 4% Premier checking account.  I asked why and couldn't get a straight answer, so I decided to go elsewhere.  Why should I have to get a credit check just to give THEM the my money? 

Also, they carelessly pass around paperwork with sensitive information on it (DOB, SSN, etc.). 

1
 
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