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Overview / Commentary
617-253-2845
700 Technology Sq
Cambridge, MA 02139

Mass. Institute Of Tech. Credit Union is headquartered in Cambridge and is the 26th largest credit union in the state of Massachusetts. It is also the 539th largest credit union in the nation. It was established in 1940 and as of December of 2013, it had grown to 74 employees and 30,440 members. Mass. Institute Of Tech. Credit Union has a B+ health rating.

Field of Membership Restrictions

Must be an employee at the MIT Campus, MIT Lincoln Laboratory, Charles Stark Draper Laboratory, Whitehead Institute, The Broad Institute or Bright Horizons Children's Center. - See Details

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Health

Data for Q4 2013

Institution Health

B+

Texas Ratio

GRADE:
A

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 Mass. Institute Of Tech. Credit Union had $2.84 million in non-current loans and owned real-estate with $29.39 million in equity and loan loss allowances on hand to cover it. This gives Mass. Institute Of Tech. Credit Union a Texas Ratio of 9.65% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
C+

The Texas Ratio for Mass. Institute Of Tech. Credit Union experienced no significant changes from 6.94% as of December 31, 2012 to 9.65% as of December 31, 2013, resulting in a negative change of 39.07%. This indicates that the balance sheet and financial strength for Mass. Institute Of Tech. Credit Union has had no significant changes in recent periods.

Deposit Growth

GRADE:
A+

In the past year, Mass. Institute Of Tech. Credit Union has increased its total deposits by $31.88 million, resulting in 9.59% 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 Mass. Institute Of Tech. Credit Union has shown is excellent.

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. Mass. Institute Of Tech. Credit Union has $394.47 million in assets with $29.39 million in equity, resulting in a capitalization level of 7.45%, which is below average.

Institution Statistics

Overall
NCUA #3830
Year Chartered1940
Employees74
Primary Regulator
Assets and Liabilities
Assets$394.47 million
Loans$284.69 million
Deposits$364.24 million
Equity Capital$28.25 million
Loan Loss Allowance$1.14 million
Unbacked Noncurrent Loans$2.84 million
Real Estate Owned$0
Historic Data - December 2012
Assets$362.61 million
Equity Capital$27.77 million
Loan Loss Allowance$1.57 million
Unbacked Noncurrent Loans$2.84 million
Real Estate Owned$125,000
Profit Margin - Quarterly
Net Interest Margin3.9%
Return on Assets0.73%
Return on Equity10.14%
Interest Income$13.11 million
Rates

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Mass. Institute Of Tech. Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.35%$25k-Select Savings Account
0.25%$100-IRA Savings
0.25%$100-Roth IRA Savings
0.10%$100-Savings Account
0.10%--Holiday Club Accounts
0.10%--Vacation Club Accounts

Mass. Institute Of Tech. Credit Union Money Market Rates

DetailsAPYMINMAXPRODUCT
0.30%$50k-Money Market Account

Mass. Institute Of Tech. Credit Union Checking Account Rates

DetailsAPYMINMAXPRODUCT
0.50%$100k-Select Checking
0.05%$2,500-Plus Checking

Mass. Institute Of Tech. Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
1.75%$50k-60 Month Smart Money Rewards CD
1.60%$500-60 Month Smart Money Rewards CD
1.55%$50k-48 Month Smart Money Rewards CD
1.50%$50k-60 Month CD
1.40%$50k-36 Month Smart Money Rewards CD
1.40%$500-48 Month Smart Money Rewards CD
1.35%$500-60 Month CD
1.30%$50k-48 Month CD
1.25%$500-36 Month Smart Money Rewards CD
1.20%$50k-28 Month Smart Money Rewards Jumbo Jump-Up CD
1.15%$500-48 Month CD
1.15%$50k-36 Month CD
1.10%$50k-24 Month Smart Money Rewards CD
1.05%$500-28 Month Smart Money Rewards Jump-Up CD
1.00%$500-36 Month CD
0.95%$50k-28 Month Jumbo Jump-Up CD
0.95%$50k-18 Month Smart Money Rewards CD
0.95%$500-24 Month Smart Money Rewards CD
0.85%$50k-24 Month CD
0.85%$50k-16 Month Smart Money Rewards Jumbo Jump-Up CD
0.80%$500-28 Month Jump-Up CD
0.80%$50k-12 Month Smart Money Rewards CD
0.80%$500-18 Month Smart Money Rewards CD
0.70%$500-24 Month CD
0.70%$50k-18 Month CD
0.70%$500-16 Month Smart Money Rewards Jump-Up CD
0.65%$500-12 Month Smart Money Rewards CD
0.60%$50k-16 Month Jumbo Jump-Up CD
0.55%$500-18 Month CD
0.55%$50k-12 Month CD
0.45%$500-16 Month Jump-Up CD
0.40%$500-12 Month CD

Mass. Institute Of Tech. Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
2.00%$50k-60 Month Smart Money Rewards Jumbo IRA
1.85%$500-60 Month Smart Money Rewards IRA
1.80%$50k-48 Month Smart Money Rewards IRA
1.75%$50k-60 Month Jumbo IRA
1.65%$50k-36 Month Smart Money Rewards IRA
1.65%$500-48 Month Smart Money Rewards IRA
1.60%$500-60 Month IRA
1.55%$50k-48 Month IRA
1.50%$500-36 Month Smart Money Rewards IRA
1.45%$500-28 Month Smart Money Rewards Jump-Up IRA
1.40%$500-48 Month IRA
1.40%$50k-36 Month IRA
1.35%$50k-24 Month Smart Money Rewards IRA
1.30%$50k-28 Month Smart Money Rewards Jumbo Jump-Up IRA
1.25%$500-36 Month IRA
1.20%$50k-28 Month Jumbo Jump-Up IRA
1.20%$50k-18 Month Smart Money Rewards IRA
1.20%$500-24 Month Smart Money Rewards IRA
1.10%$50k-24 Month IRA
1.10%$500-16 Month Smart Money Rewards Jump-Up IRA
1.05%$500-28 Month IRA Jump-Up IRA
1.05%$50k-12 Month Smart Money Rewards IRA
1.05%$500-18 Month Smart Money Rewards IRA
0.95%$500-24 Month IRA
0.95%$50k-18 Month IRA
0.95%$50k-16 Month Smart Money Rewards Jumbo Jump-Up IRA
0.90%$500-12 Month Smart Money Rewards IRA
0.85%$50k-16 Month Jumbo Jump-Up IRA
0.80%$500-18 Month IRA
0.80%$50k-12 Month IRA
0.70%$500-16 Month IRA Jump-Up IRA
0.65%$500-12 Month IRA
Locations


Mass. Institute Of Tech. Credit Union Locations
Branch Office700 Technology SqCambridge, MA 02139-3557
Branch Office244 Wood St # LINA-100Lexington, MA 02421-6426
Branch Office84 Massachusetts AveCambridge, MA 021394300