Meriwest Credit Union is headquartered in San Jose and is the 35th largest credit union in the state of California. It is also the 206th largest credit union in the nation. It was established in 1961 and as of March of 2014, it had grown to 195 employees and 67,204 members. Meriwest Credit Union has a B+ health rating.
Must live, work or attend school in Santa Clara County, Alameda County, Contra Costa County, San Mateo County, or San Francisco County in California or Prima County in Arizona. Also open to employees of a participating Meriwest Credit Union member company. - See Details
This credit union has absolutely great employees who are very dedicated to making you happy. I applied for a home loan here and the process was very smooth and involved me interfacing with a few people from different departments. They all had the same friendly way of going about things and were extremely precise in what they needed from you and did so with a smile. I enjoyed my experience so much that I even opened up a checking and savings accounts. This credit union is awesome!
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 Meriwest Credit Union had $7.74 million in non-current loans and owned real-estate with $97.78 million in equity and loan loss allowances on hand to cover it. This gives Meriwest Credit Union a Texas Ratio of 7.91% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Meriwest Credit Union decreased dramatically from 14.57% as of March 31, 2013 to 7.91% as of March 31, 2014, resulting in a positive change of 45.68%.This indicates that the balance sheet and financial strength for Meriwest Credit Union has improved dramatically in recent periods.
In the past year, Meriwest Credit Union has decreased its total deposits by -$7.7 million, resulting in -0.81% 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 Meriwest Credit Union has shown is average.
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. Meriwest Credit Union has $1.04 billion in assets with $97.78 million in equity, resulting in a capitalization level of 9.40%, which is average.
|Assets and Liabilities|
|Equity Capital||$87.45 million|
|Loan Loss Allowance||$10.33 million|
|Unbacked Noncurrent Loans||$6.26 million|
|Real Estate Owned||$1.48 million|
|Historic Data - March 2013|
|Equity Capital||$76.39 million|
|Loan Loss Allowance||$13.18 million|
|Unbacked Noncurrent Loans||$6.26 million|
|Real Estate Owned||$2.00 million|
|Profit Margin - Quarterly|
|Net Interest Margin||0.87%|
|Return on Assets||0.82%|
|Return on Equity||9.78%|
|Interest Income||$7.12 million|
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|0.05%||$100||-||You Name It Savings|
|0.03%||$100||-||Regular Savings/Membership Accounts|
|0.03%||$100||-||Special Savings Accounts|
|0.03%||$100||-||Holiday Club Account|
|0.15%||$250k||-||Money Market Account|
|0.15%||$250k||-||Business Money Market Account|
|1.00%||$1k||-||5 Years Pick-A-Term Share Certificate|
|1.00%||$1k||-||5 Years Pick-A-Term Share Business Certificate|
|0.75%||$1k||-||4 Years Pick-A-Term Share Certificate|
|0.75%||$1k||-||4 Years Pick-A-Term Share Business Certificate|
|0.50%||$1k||-||3 Years Pick-A-Term Share Certificate|
|0.50%||$1k||-||3 Years Pick-A-Term Share Business Certificate|
|0.30%||$1k||-||2 Years Pick-A-Term Share Certificate|
|0.30%||$1k||-||2 Years Pick-A-Term Share Business Certificate|
|0.15%||$1k||-||1 Year Pick-A-Term Share Certificate|
|0.15%||$1k||-||1 Year Pick-A-Term Share Business Certificate|
|0.10%||$10k||$10k||5-Month Liquid Certificate|
|0.10%||$1k||-||6 Months Pick-A-Term Share Certificate|
|0.10%||$10k||$10k||5-Month Liquid Business Certificate|
|0.10%||$1k||-||6 Months Pick-A-Term Share Business Certificate|
|0.05%||$1k||-||1 Month Pick-A-Term Share Certificate|
|0.05%||$1k||-||2 Months Pick-A-Term Share Certificate|
|0.05%||$1k||-||3 Months Pick-A-Term Share Certificate|
|0.05%||$1k||-||1 Month Pick-A-Term Share Business Certificate|
|0.05%||$1k||-||2 Months Pick-A-Term Share Busniness Certificate|
|0.05%||$1k||-||3 Months Pick-A-Term Share Business Certificate|