Mid-Cities Financial Credit Union
Mid-Cities Financial Credit Union is headquartered in Compton and is the 265th largest credit union in the state of California. It is also the 3,332nd largest credit union in the nation. It was established in 1955 and as of March of 2014, it had grown to 11 employees and 4,324 members. Mid-Cities Financial Credit Union has a B health rating.
Field of Membership Restrictions
Mid Cities Financial Credit Union membership is open to anyone who lives, works, worships or attends school in the following cities: Compton; Carson; Paramount; Norwalk; Bellflower; Lynwood; North Long Beach. In addition, membership is available to employees and family members of the following educational organizations: Compton Unified School District; Lynwood Unified School District; Paramount Unified School District; California State University Dominguez Hills; El Camino College Compton Center; Charles R Drew University of Medicine & Science; Private & Parochial Schools within the districts we service. Credit union membership is also open to: Immediate family members of any existing Mid Cities Credit Union member ; Employees of the credit union and members of their immediate families and households. - See Details
Personal Loan
I recently applied for A Tax Loan Mid Cities offered to help member whom owe on Taxes. The loan was denied because I had a negative credit report, which has recently declined from almost 700 to 630 because I am making payment to Franchise and Federal Taxes. The total is $4,000. So I thought if I paid the taxes I would have $400.00 to pay other bills. Is it not understood if we owe taxes you know that your credit isn't perfect? It's like they dangle a carrot in front of your face but you will never get it.
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 Mid-Cities Financial Credit Union had $358,000 in non-current loans and owned real-estate with $5.2 million in equity and loan loss allowances on hand to cover it. This gives Mid-Cities Financial Credit Union a Texas Ratio of 6.89% 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 Mid-Cities Financial Credit Union increased slightly from 1.32% as of March 31, 2013 to 6.89% as of March 31, 2014, resulting in a negative change of 420.23%. This indicates that the balance sheet and financial strength for Mid-Cities Financial Credit Union has declined slightly in recent periods.
Deposit Growth
In the past year, Mid-Cities Financial Credit Union has decreased its total deposits by $-356,000, resulting in -1.91% 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 Mid-Cities Financial Credit Union has shown is average.
Capitalization
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. Mid-Cities Financial Credit Union has $23.47 million in assets with $5.2 million in equity, resulting in a capitalization level of 22.15%, which is excellent.
Institution Statistics
| Overall | |
|---|---|
| NCUA # | 95073 |
| Year Chartered | 1955 |
| Employees | 11 |
| Primary Regulator |
| Assets and Liabilities | |
|---|---|
| Assets | $23.47 million |
| Loans | $15.66 million |
| Deposits | $18.31 million |
| Equity Capital | $5.07 million |
| Loan Loss Allowance | $124,000 |
| Unbacked Noncurrent Loans | $358,000 |
| Real Estate Owned | $0 |
| Historic Data - March 2013 | |
|---|---|
| Assets | $23.97 million |
| Equity Capital | $5.11 million |
| Loan Loss Allowance | $250,000 |
| Unbacked Noncurrent Loans | $358,000 |
| Real Estate Owned | $0 |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 2.12% |
| Return on Assets | 0.8% |
| Return on Equity | 3.71% |
| Interest Income | $362,000 |
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Mid-Cities Financial Credit Union Savings Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.45% | - | - | IRA Share | |
| 0.45% | - | - | Roth IRA Share | |
| 0.05% | - | - | Regular Shares |
Mid-Cities Financial Credit Union Checking Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.50% | $10k | - | Checking Account |
Mid-Cities Financial Credit Union CD Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.55% | $500 | - | 18 Month CD | |
| 0.45% | $500 | - | 12 Month CD | |
| 0.30% | $500 | - | 6 Month CD |
Mid-Cities Financial Credit Union IRA Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.55% | $500 | - | 18 Month IRA | |
| 0.45% | $500 | - | 12 Month IRA | |
| 0.35% | $500 | - | 6 Month IRA |
| Mid-Cities Financial Credit Union Locations | ||
|---|---|---|
| Branch Office | 325 S Santa Fe Ave | Compton, CA 90221 |
| Branch Office | 727 Kingshill Pl | Carson, CA 90746-1223 |