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New Generations Federal Credit Union

Overview / Commentary
804-359-8754
1700 Robin Hood Rd
Richmond, VA 23220

New Generations Federal Credit Union is headquartered in Richmond and is the 58th largest credit union in the state of Virginia. It is also the 2,042nd largest credit union in the nation. It was established in 1950 and as of December of 2013, it had grown to 40 employees and 13,876 members. New Generations Federal Credit Union has a B+ health rating.

Field of Membership Restrictions

Persons who live, work (or regularly conduct business), worship, attend school, or volunteer in, and businesses and other legal entities located in the City of Richmond, VA, are eligible for membership at New Generations FCU. - See Details

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Health

Data for Q4 2013

Institution Health

B+
Additional Factors: Institutions with a small asset base or a short operating history can represent an instability risk beyond what their financial ratios indicate. New Generations Federal Credit Union has a relatively low asset base.

Texas Ratio

GRADE:
A+

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 New Generations Federal Credit Union had $507,000 in non-current loans and owned real-estate with $6.71 million in equity and loan loss allowances on hand to cover it. This gives New Generations Federal Credit Union a Texas Ratio of 7.55% 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 New Generations Federal Credit Union decreased dramatically from 12.44% as of December 31, 2012 to 7.55% as of December 31, 2013, resulting in a positive change of 39.25%.This indicates that the balance sheet and financial strength for New Generations Federal Credit Union has improved dramatically in recent periods.

Deposit Growth

GRADE:
D

In the past year, New Generations Federal Credit Union has decreased its total deposits by -$3.24 million, resulting in -5.62% 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 New Generations Federal Credit Union has shown is below 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. New Generations Federal Credit Union has $60.91 million in assets with $6.71 million in equity, resulting in a capitalization level of 11.02%, which is excellent.

Institution Statistics

Overall
NCUA #6878
Year Chartered1950
Employees40
Primary Regulator
Assets and Liabilities
Assets$60.91 million
Loans$31.55 million
Deposits$54.32 million
Equity Capital$6.28 million
Loan Loss Allowance$427,000
Unbacked Noncurrent Loans$413,000
Real Estate Owned$94,000
Historic Data - December 2012
Assets$64.99 million
Equity Capital$7.06 million
Loan Loss Allowance$470,000
Unbacked Noncurrent Loans$413,000
Real Estate Owned$190,000
Profit Margin - Quarterly
Net Interest Margin5.12%
Return on Assets-1.01%
Return on Equity-9.8%
Interest Income$2.12 million
Rates

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

New Generations Federal Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.25%--IRA Share Savings
0.10%$1,500-Primary Shares
0.05%--Holiday Club
0.05%--Vacation Club
0.00%--Other Shares

New Generations Federal Credit Union Money Market Rates

DetailsAPYMINMAXPRODUCT
0.35%$100k-Super Money Market
0.05%$1,500-Money Market

New Generations Federal Credit Union Checking Account Rates

DetailsAPYMINMAXPRODUCT
0.15%--Reward Checking
0.00%--Sharedraft Checking

New Generations Federal Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
1.00%$1k-5 Year Share Certificate
0.70%$1k-3 Year Share Certificate
0.55%$1k-2 Year Share Certificate
0.40%$1k-1 Year Share Certificate
0.20%$1k-6 Month Share Certificate
0.05%$1k-90 Day Share Certificate

New Generations Federal Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
1.00%$1k-5 Year IRA Share Certificate
0.70%$1k-3 Year IRA Share Certificate
0.55%$1k-2 Year IRA Share Certificate
0.40%$1k-1 Year IRA Share Certificate
0.20%$1k-6 Month IRA Share Certificate
0.05%$1k-90 Day IRA Share Certificate
Locations


New Generations Federal Credit Union Locations
Branch Office1700 Robin Hood RdRichmond, VA 23220
Branch OfficeCity Hall 900 E Broad StRichmond, VA 23219-1907
Branch Office801 Branchway RdNorth Chesterfield, VA 23236-3903
Branch Office141 E Belt BlvdRichmond, VA 23224
Branch Office4251 Old Brook RdRichmond, VA 23227