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MidWest America Federal Credit Union

Based on 1 review
Overview / Commentary
260-482-3334
1104 Medical Park Dr
Fort Wayne, IN 46825-5826

MidWest America Federal Credit Union is headquartered in Fort Wayne and is the 13st largest credit union in the state of Indiana. It is also the 452nd largest credit union in the nation. It was established in 1936 and as of March of 2014, it had grown to 172 employees and 60,262 members. MidWest America Federal Credit Union has a A+ health rating.

Field of Membership Restrictions

To become a member, an individual should: Be an immediate family member (parents, siblings, stepparents, stepchildren, and adoptive relationships) of an existing member; or Live in the same household (persons living in the same residence and maintaining the same economic unit) as a member; or Live, work, worship or attend school within the designated Allen County Investment Area, in Fort Wayne, Indiana or be related to or live within the same household as someone who does. Businesses and other legal entities located in the Investment Area can also qualify; or Live or work in Vermilion or Coles County (Illinois); or Live, work, worship, attend school in the underserved area consisting of Allen, Barren, Christian, Monroe, and Trigg Counties, Kentucky. Businesses and other legal entities located in Allen, Barren and Monroe counties, Kentucky can also qualify. - See Details

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Reviews (1)

Closed My Account And Will Never Bank With Them Again.

They wanted to add over $1900 to my loan balance if I didn't continue to jump through their hoops. I had to go to my local bank to get a lien to pay them off, and they still wanted to add the $1900+ to my balance ( that was zero at that time ).



Health

Data for Q1 2014

Institution Health

A+

Texas Ratio

GRADE:
A+

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 MidWest America Federal Credit Union had $458,000 in non-current loans and owned real-estate with $64.7 million in equity and loan loss allowances on hand to cover it. This gives MidWest America Federal Credit Union a Texas Ratio of 0.71% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
A+

The Texas Ratio for MidWest America Federal Credit Union decreased dramatically from 1.68% as of March 31, 2013 to 0.71% as of March 31, 2014, resulting in a positive change of 57.81%.This indicates that the balance sheet and financial strength for MidWest America Federal Credit Union has improved dramatically in recent periods.

Deposit Growth

GRADE:
B

In the past year, MidWest America Federal Credit Union has increased its total deposits by $112,000, resulting in 0.03% 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 MidWest America Federal Credit Union has shown is above average.

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. MidWest America Federal Credit Union has $503.86 million in assets with $64.7 million in equity, resulting in a capitalization level of 12.84%, which is excellent.

Institution Statistics

Overall
NCUA #1427
Year Chartered1936
Employees172
Primary Regulator
Assets and Liabilities
Assets$503.86 million
Loans$344.08 million
Deposits$433.99 million
Equity Capital$62.78 million
Loan Loss Allowance$1.92 million
Unbacked Noncurrent Loans$458,000
Real Estate Owned$0
Historic Data - March 2013
Assets$500.69 million
Equity Capital$59.15 million
Loan Loss Allowance$2.31 million
Unbacked Noncurrent Loans$458,000
Real Estate Owned$0
Profit Margin - Quarterly
Return on Assets0.78%
Return on Equity6.24%
Interest Income$3.74 million
Rates

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

MidWest America Federal Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.31%$50k-Liquid Gold
0.24%$10k-Health Savings Account
0.24%--Traditional Rate Share IRA
0.24%--Conversion Roth IRA
0.24%--Education Roth IRA
0.24%--Contribution Roth IRA
0.10%$200-Regular Shares
0.10%$200-Business Share Savings
0.05%--"You Name It" Savings
0.05%--Kids Club Account

MidWest America Federal Credit Union Money Market Rates

DetailsAPYMINMAXPRODUCT
0.34%$250k-Business Gold Money Market

MidWest America Federal Credit Union Checking Account Rates

DetailsAPYMINMAXPRODUCT
1.71%-$10kReward Checking - Qualifying
0.31%$75k-Advanced Business Checking
0.31%--Association Checking
0.24%$5k-Advantage Checking
0.03%--Reward Checking - Non Qualifying

MidWest America Federal Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
1.15%$10k-60 Month CD
1.05%$10k-48 Month CD
0.80%$10k-36 Month CD
0.65%$10k-30 Month CD
0.55%$10k-24 Month CD
0.35%$10k-18 Month CD
0.25%$10k-12 Month CD
0.15%$10k-182 Days CD
0.10%$500-91 Days CD
0.03%$10k-1 Week CD
0.03%$10k-4 Week CD

MidWest America Federal Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
1.15%$10k-60 Month IRA
1.05%$10k-48 Month IRA
0.80%$10k-36 Month IRA
0.65%$10k-30 Month IRA
0.55%$10k-24 Month IRA
0.35%$10k-18 Month IRA
0.25%$10k-12 Month IRA
0.15%$10k-182 Days IRA
0.10%$500-91 Days IRA
0.03%$10k-1 Week IRA
0.03%$10k-4 Week IRA
Locations

MidWest America Federal Credit Union has 16 locations. Click to view all MidWest America Federal Credit Union locations.