Mutual Security Credit Union
Mutual Security Credit Union is headquartered in SHELTON and is the 7th largest credit union in the state of Connecticut. It is also the 804th largest credit union in the nation. It was established in 1982 and as of March of 2014, it had grown to 69 employees and 36,613 members. Mutual Security Credit Union's savings rates are 44% higher than the national average, and it has a B health rating.
Field of Membership Restrictions
Eligible members are those who live, work, worship or attend school in Fairfield, Litchfield or New Haven County Connecticut. Employees and people retired as pensioners or annuitants of approved Select Employer Groups as well as Organizations from such companies are also eligible for membership. Additionally, family members of current Credit Union members are also qualified to join Mutual Security Credit Union. Membership requires a minimum balance of $5 in the savings account. - See Details
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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 Mutual Security Credit Union had $1.98 million in non-current loans and owned real-estate with $19.4 million in equity and loan loss allowances on hand to cover it. This gives Mutual Security Credit Union a Texas Ratio of 10.19% 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 Mutual Security Credit Union experienced no significant changes from 9.16% as of March 31, 2013 to 10.19% as of March 31, 2014, resulting in a negative change of 11.21%. This indicates that the balance sheet and financial strength for Mutual Security Credit Union has had no significant changes in recent periods.
Deposit Growth
In the past year, Mutual Security Credit Union has decreased its total deposits by -$3.9 million, resulting in -1.7% 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 Mutual Security 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. Mutual Security Credit Union has $247.73 million in assets with $19.4 million in equity, resulting in a capitalization level of 7.83%, which is below average.
Institution Statistics
| Overall | |
|---|---|
| NCUA # | 68479 |
| Year Chartered | 1982 |
| Employees | 69 |
| Primary Regulator |
| Assets and Liabilities | |
|---|---|
| Assets | $247.73 million |
| Loans | $221.08 million |
| Deposits | $225.60 million |
| Equity Capital | $18.82 million |
| Loan Loss Allowance | $587,000 |
| Unbacked Noncurrent Loans | $1.98 million |
| Real Estate Owned | $0 |
| Historic Data - March 2013 | |
|---|---|
| Assets | $254.41 million |
| Equity Capital | $18.47 million |
| Loan Loss Allowance | $773,000 |
| Unbacked Noncurrent Loans | $1.98 million |
| Real Estate Owned | $0 |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 0.91% |
| Return on Assets | 0.09% |
| Return on Equity | 1.15% |
| Interest Income | $2.22 million |
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Mutual Security Credit Union Savings Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.75% | $25 | - | Health Savings Account | |
| 0.03% | $100 | - | Regular Savings | |
| 0.03% | $100 | - | Holiday Club | |
| 0.03% | $100 | - | Vacation Club |
Mutual Security Credit Union Money Market Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.25% | $100k | - | Money Market | |
| 0.25% | $100k | - | Individual Retirement MMA | |
| 0.25% | $100k | - | Roth IRA MMA | |
| 0.25% | $100k | - | CESA MMA |
Mutual Security Credit Union Checking Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.50% | - | $15k | Ultimate Checking - Qualifying | |
| 0.03% | $100 | - | Advantage Checking |
Mutual Security Credit Union CD Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.60% | $500 | $100k | 61 Month Step-Up CD Anniversary Special | |
| 1.25% | $500 | - | 60 Month CD | |
| 1.06% | $500 | - | 46 Month CD Special | |
| 1.00% | - | - | 18 Month Starter CD | |
| 0.85% | $500 | - | 17 Month Member Appreciation CD Special | |
| 0.75% | $500 | - | 48 Month CD | |
| 0.60% | $500 | - | 36 Month CD | |
| 0.46% | - | - | 24 Month Youth CD | |
| 0.44% | $500 | - | 24 Month Variable Rate CD | |
| 0.35% | $500 | - | 24 Month CD | |
| 0.30% | $500 | - | 18 Month CD | |
| 0.25% | $500 | - | 12 Month CD | |
| 0.20% | $500 | - | 9-11 Month CD | |
| 0.15% | $500 | - | 3 Month CD | |
| 0.15% | $500 | - | 6-8 Month CD |
Mutual Security Credit Union IRA Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.25% | $500 | - | 60 Month IRA | |
| 1.06% | $500 | - | 46 Month IRA Special | |
| 0.85% | $500 | - | 17 Month Member Appreciation IRA Special | |
| 0.75% | $500 | - | 48 Month IRA | |
| 0.60% | $500 | - | 36 Month IRA | |
| 0.44% | $500 | - | 24 Month Variable Rate IRA | |
| 0.35% | $500 | - | 24 Month IRA | |
| 0.30% | $500 | - | 18 Month IRA | |
| 0.25% | $500 | - | 12 Month IRA | |
| 0.20% | $500 | - | 9-11 Month IRA | |
| 0.15% | $500 | - | 6-8 Month IRA |
Mutual Security Credit Union has 15 locations. Click to view all Mutual Security Credit Union locations.