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Overview / Commentary
863-425-5611
1010 N Church Ave.
Mulberry, FL 33860

Magnify Credit Union is headquartered in MULBERRY and is the 72nd largest credit union in the state of Florida. It is also the 1,861st largest credit union in the nation. It was established in 1950 and as of March of 2014, it had grown to 25 employees and 8,606 members. Magnify Credit Union's savings rates are 4X the national average, and it has a B health rating.

Field of Membership Restrictions

Must live or work in Polk County. - See Details

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Health

Data for Q1 2014

Institution Health

B
Additional Factors: Institutions with a small asset base or a short operating history can represent an instability risk beyond what their financial ratios indicate. Magnify Credit Union has a relatively low asset base.

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 Magnify Credit Union had $1.29 million in non-current loans and owned real-estate with $10.13 million in equity and loan loss allowances on hand to cover it. This gives Magnify Credit Union a Texas Ratio of 12.77% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
A+

The Texas Ratio for Magnify Credit Union decreased dramatically from 26.52% as of March 31, 2013 to 12.77% as of March 31, 2014, resulting in a positive change of 51.83%.This indicates that the balance sheet and financial strength for Magnify Credit Union has improved dramatically in recent periods.

Deposit Growth

GRADE:
F

In the past year, Magnify Credit Union has decreased its total deposits by -$9.77 million, resulting in -14.15% 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 Magnify Credit Union has shown is poor.

Capitalization

GRADE:
A+

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. Magnify Credit Union has $72.64 million in assets with $10.13 million in equity, resulting in a capitalization level of 13.95%, which is excellent.

Institution Statistics

Overall
NCUA #68344
Year Chartered1950
Employees25
Primary Regulator
Assets and Liabilities
Assets$72.64 million
Loans$45.73 million
Deposits$59.25 million
Equity Capital$8.94 million
Loan Loss Allowance$1.19 million
Unbacked Noncurrent Loans$330,000
Real Estate Owned$964,000
Historic Data - March 2013
Assets$78.62 million
Equity Capital$8.87 million
Loan Loss Allowance$1.72 million
Unbacked Noncurrent Loans$330,000
Real Estate Owned$2.11 million
Profit Margin - Quarterly
Net Interest Margin1.36%
Return on Assets0.07%
Return on Equity0.58%
Interest Income$686,000
Rates

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

Magnify Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
2.25%-$10kKasasa Saver - Qualifying
2.00%-$2,500A+ Student Savings
2.00%-$2,500EcoFriends Savings
0.25%$25-Rainwater Roth Share
0.25%$25-Rainwater IRA Share
0.10%$25-Green Club Shares
0.05%$25-Eco-Share Accounts
0.05%--Kasasa Saver - Non Qualifying

Magnify Credit Union Money Market Rates

DetailsAPYMINMAXPRODUCT
0.25%$50k-Solar Money Market Savings
0.20%$10k-Solar Money Market Checking

Magnify Credit Union Checking Account Rates

DetailsAPYMINMAXPRODUCT
2.25%-$10kKasasa Cash - Qualifying
0.10%$3k-Eco-Draft
0.05%--Kasasa Cash - Non Qualifying

Magnify Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
1.92%$100k-60 Month Jumbo CD
1.61%$10k$100k60 Month CD
1.51%$100k-48 Month Jumbo CD
1.41%$10k$100k48 Month CD
1.16%$10k-42 Month CD
1.16%$100k-36 Month Jumbo CD
0.95%$10k$100k36 Month CD
0.80%$10k-30 Month CD
0.65%$10k-24 Month CD
0.50%$500-18 Month CD
0.45%$500-15 Month CD
0.40%$500-12 Month CD
0.30%$500-6 Month CD

Magnify Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
1.61%$10k-60 Month IRA
1.41%$10k-48 Month IRA
1.16%$10k-42 Month IRA
0.95%$10k-36 Month IRA
0.80%$10k-30 Month IRA
0.65%$10k-24 Month IRA
0.50%$500-18 Month IRA
0.45%$500-15 Month IRA
0.40%$500-12 Month IRA
0.30%$500-6 Month IRA
Locations


Magnify Credit Union Locations
Branch Office3225 Winter Lake RdLakeland, FL 33803
Branch Office6000 LAKELAND HIGHLANDS RDLAKELAND, FL 33813
Branch Office961 E County Road 540ALakeland, FL 33813
Branch Office3501 Cypress Gardens RdWinter Haven, FL 338842459
Branch Office1790 N Broadway AveBartow, FL 33830
Branch Office1010 N CHURCH AVEMULBERRY, FL 33860