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Overview / Commentary
251-316-3240
P.O. Box 1785
Mobile, AL 36633

New Horizons Credit Union is headquartered in Mobile and is the 21st largest credit union in the state of Alabama. It is also the 919st largest credit union in the nation. It was established in 1950 and as of December of 2013, it had grown to 64 employees and 33,930 members. New Horizons Credit Union's money market rates are 36% higher than the national average, and it has a B+ health rating.

Field of Membership Restrictions

If you live, work, worship or attend school in Mobile, Baldwin, Washington, Clarke, Monroe or Escambia counties, in Alabama you are eligible for membership at New Horizons Credit Union. You can also join New Horizons Credit Union if you are related to a current member or if you work for a "member company". Membership requires a minimum balance of $25 in the regular savings account. - See Details

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Health

Data for Q4 2013

Institution Health

B+

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 Horizons Credit Union had $1.59 million in non-current loans and owned real-estate with $17.17 million in equity and loan loss allowances on hand to cover it. This gives New Horizons Credit Union a Texas Ratio of 9.27% 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 Horizons Credit Union decreased dramatically from 14.27% as of December 31, 2012 to 9.27% as of December 31, 2013, resulting in a positive change of 35.05%.This indicates that the balance sheet and financial strength for New Horizons Credit Union has improved dramatically in recent periods.

Deposit Growth

GRADE:
B

In the past year, New Horizons Credit Union has increased its total deposits by $977,000, resulting in 0.55% 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 Horizons Credit Union has shown is above average.

Capitalization

GRADE:
C

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 Horizons Credit Union has $198.71 million in assets with $17.17 million in equity, resulting in a capitalization level of 8.64%, which is average.

Institution Statistics

Overall
NCUA #60799
Year Chartered1950
Employees64
Primary Regulator
Assets and Liabilities
Assets$198.71 million
Loans$87.29 million
Deposits$179.65 million
Equity Capital$15.93 million
Loan Loss Allowance$1.23 million
Unbacked Noncurrent Loans$1.40 million
Real Estate Owned$188,000
Historic Data - December 2012
Assets$197.13 million
Equity Capital$15.24 million
Loan Loss Allowance$1.67 million
Unbacked Noncurrent Loans$1.40 million
Real Estate Owned$496,000
Profit Margin - Quarterly
Net Interest Margin4.83%
Return on Assets0.39%
Return on Equity4.84%
Interest Income$5.27 million
Rates

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

New Horizons Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.40%--IRA Share Account
0.40%--Roth IRA Share Account
0.40%--CESA Share Account
0.20%--Christmas Account
0.20%--Vacation Account
0.15%--Savings Account

New Horizons Credit Union Money Market Rates

DetailsAPYMINMAXPRODUCT
0.60%$100k-Money Market Account

New Horizons Credit Union Checking Account Rates

DetailsAPYMINMAXPRODUCT
2.02%-$25kUltimate Checking
0.10%--Ultimate Checking

New Horizons Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
1.16%--36 Month Jumbo CD
1.05%$500-36 Month CD
0.95%--24 Month Jumbo CD
0.90%$500-24 Month CD
0.60%--12 Month Jumbo CD
0.55%$500-12 Month CD
0.40%--6 Month Jumbo CD
0.35%$500-180 Day CD
0.25%$500-90 Day CD

New Horizons Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
1.05%$500-36 Month IRA (Traditional,Roth,CESA)
0.90%$500-24 Month IRA (Traditional,Roth,CESA)
0.55%$500-12 Month IRA (Traditional,Roth,CESA)
Locations


New Horizons Credit Union Locations
Branch Office6320 Airport BlvdMobile, AL 36608
Branch Office103 Saraland Blvd SSaraland, AL 36571-2833
Branch Office5501 Willis RdTheodore, AL 36582
Branch Office7146 Stone DrDaphne, AL 36526-4825
Branch Office2255 N McKenzie StFoley, AL 36535-2319
Branch Office1610 Government StMobile, AL 36604-1102
Branch Office3385 Schillinger Rd N Ste 19Semmes, AL 36575-5494
Branch Office3445 Saint Stephens RdMobile, AL 36612
Branch Office622 Azalea RdMobile, AL 36609-1530