Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts
Overview / Commentary
757-664-4273
810 Union St, Ste 176
Norfolk, VA 23510

Norfolk Municipal Employees Credit Union is headquartered in NORFOLK and is the 77th largest credit union in the state of Virginia. It is also the 3,118st largest credit union in the nation. It was established in 1957 and as of December of 2013, it had grown to 6 employees and 3,043 members. Norfolk Municipal Employees Credit Union has a B+ health rating.

Field of Membership Restrictions

Must be an employee of the City of Norfolk or other select companies and organizations. - See Details

No reviews have been left for this bank yet. Be the first to review.



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. Norfolk Municipal Employees Credit Union has a 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 Norfolk Municipal Employees Credit Union had $5,000 in non-current loans and owned real-estate with $3.34 million in equity and loan loss allowances on hand to cover it. This gives Norfolk Municipal Employees Credit Union a Texas Ratio of 0.15% 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 Norfolk Municipal Employees Credit Union decreased dramatically from 1.82% as of December 31, 2012 to 0.15% as of December 31, 2013, resulting in a positive change of 91.76%.This indicates that the balance sheet and financial strength for Norfolk Municipal Employees Credit Union has improved dramatically in recent periods.

Deposit Growth

GRADE:
C

In the past year, Norfolk Municipal Employees Credit Union has decreased its total deposits by $-581,000, resulting in -2.47% 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 Norfolk Municipal Employees Credit Union has shown is 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. Norfolk Municipal Employees Credit Union has $26.33 million in assets with $3.34 million in equity, resulting in a capitalization level of 12.70%, which is excellent.

Institution Statistics

Overall
NCUA #11951
Year Chartered1957
Employees6
Primary Regulator
Assets and Liabilities
Assets$26.33 million
Loans$8.53 million
Deposits$22.98 million
Equity Capital$3.25 million
Loan Loss Allowance$91,000
Unbacked Noncurrent Loans$5,000
Real Estate Owned$0
Historic Data - December 2012
Assets$27.03 million
Equity Capital$3.36 million
Loan Loss Allowance$113,000
Unbacked Noncurrent Loans$5,000
Real Estate Owned$0
Profit Margin - Quarterly
Net Interest Margin5.3%
Return on Assets-0.39%
Return on Equity-3.2%
Interest Income$770,000
Rates

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

Norfolk Municipal Employees Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.25%--Share Accounts
0.25%--Christmas Club Account
0.25%--Vacation Club Account
0.25%--Tax Club Account
0.25%--IRA Share Account

Norfolk Municipal Employees Credit Union Money Market Rates

DetailsAPYMINMAXPRODUCT
0.40%$5k-Money Market Account

Norfolk Municipal Employees Credit Union Checking Account Rates

DetailsAPYMINMAXPRODUCT
0.35%$10k-Premier Checking

Norfolk Municipal Employees Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
1.61%$500-5 Year CD
1.17%$500-3 Year CD
0.55%$500-1 Year CD
0.35%$500-6 Month CD

Norfolk Municipal Employees Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
1.61%$500-5 Year IRA
1.17%$500-3 Year IRA
0.55%$500-1 Year IRA
Locations


Norfolk Municipal Employees Credit Union Locations
Branch Office810 Union St Ste 176Norfolk, VA 23510