Midway Credit Union is headquartered in Berryville and is the 95th largest credit union in the state of Virginia. It is also the 4,004th largest credit union in the nation. It was established in 1961 and as of December of 2013, it had grown to 2 employees and 1,221 members. Midway Credit Union has a B health rating.
Field of Membership Restrictions
Lifetime membership is available to all persons who work for FEMA, MWEOC, VA-NPSC or the US Army, Corps of Eng., Middle East District, and contractors providing services to the same Federal Agencies. Your immediate family members are eligible to join too! - See Details
Data for Q4 2013
Institution Health
Texas Ratio
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 Midway Credit Union had $37,000 in non-current loans and owned real-estate with $1.94 million in equity and loan loss allowances on hand to cover it. This gives Midway Credit Union a Texas Ratio of 1.91% 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 Midway Credit Union decreased dramatically from 5.13% as of December 31, 2012 to 1.91% as of December 31, 2013, resulting in a positive change of 62.77%.This indicates that the balance sheet and financial strength for Midway Credit Union has improved dramatically in recent periods.
Deposit Growth
In the past year, Midway Credit Union has decreased its total deposits by $-420,000, resulting in -3.35% 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 Midway Credit Union has shown is below 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. Midway Credit Union has $14.01 million in assets with $1.94 million in equity, resulting in a capitalization level of 13.84%, which is excellent.
Institution Statistics
| Overall | |
|---|---|
| NCUA # | 14408 |
| Year Chartered | 1961 |
| Employees | 2 |
| Primary Regulator |
| Assets and Liabilities | |
|---|---|
| Assets | $14.01 million |
| Loans | $3.30 million |
| Deposits | $12.13 million |
| Equity Capital | $1.87 million |
| Loan Loss Allowance | $65,000 |
| Unbacked Noncurrent Loans | $37,000 |
| Real Estate Owned | $0 |
| Historic Data - December 2012 | |
|---|---|
| Assets | $14.57 million |
| Equity Capital | $2.01 million |
| Loan Loss Allowance | $21,000 |
| Unbacked Noncurrent Loans | $37,000 |
| Real Estate Owned | $0 |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 6.76% |
| Return on Assets | 0% |
| Return on Equity | 0% |
| Interest Income | $475,000 |
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Midway Credit Union Savings Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.50% | $25k | - | Shares | |
| 0.20% | - | - | Christmas Club | |
| 0.20% | - | - | Vacation Club |
Midway Credit Union CD Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.05% | $500 | - | 36 Month Share Certificate | |
| 0.85% | $500 | - | 24 Month Share Certificate | |
| 0.65% | $500 | - | 12 Month Share Certificate | |
| 0.45% | $500 | - | 6 Month Share Certificate |
| Midway Credit Union Locations | ||
|---|---|---|
| Branch Office | 430 Market St | Winchester, VA 22603 |
| Branch Office | 188 Brooke Rd | Winchester, VA 22603 |
| Branch Office | 19844 Blueridge Mountain Rd | Mount Weather, VA 20135-2006 |