3 star ratingAverage User Rating:
3 star rating based on 2 reviews.

Option 1 Credit Union

Option 1 Credit Union Locations
P.O. Box 895
Grand Rapids, MI 49518
www.option1cu.org

Option 1 Credit Union is headquartered in Grand Rapids and is the 35th largest credit union in the state of Michigan. It is also the 699th largest credit union in the nation. It was established in 1936 and as of December of 2011, it had grown to 95 employees and 30,927 members. Option 1 Credit Union has a 5-star health rating.


Data for Q4 2011


Institution Statistics


OPTION 1
NCUA #60936
BankRate ReportView
Year Chartered1936
Employees95
Primary Regulator

Assets and Liabilities

Assets$266.76 million
Loans$166.62 million
Deposits$224.41 million
Equity Capital$38.09 million
Loan Loss Allowance$1.87 million
Unbacked Noncurrent Loans$2.41 million
Real Estate Owned$722,000

Historic Data - December 2010

Assets$261.06 million
Equity Capital$37.16 million
Loan Loss Allowance$1.48 million
Unbacked Noncurrent Loans$1.44 million
Real Estate Owned$1.19 million

Profit Margin - Quarterly

Net Interest Margin5.74%
Return on Assets0.52%
Return on Equity3.65%
Interest Income$11.16 million
Non-Interest Income$5.07 million

Institution Health


Overall Score:
5 out of 5
5
Texas Ratio5
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, 2011 Option 1 Credit Union had $3.13 million in non-current loans and owned real-estate with $39.96 million in equity and loan loss allowances on hand to cover it. This gives Option 1 Credit Union a Texas Ratio of 7.84% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend3
The Texas Ratio for Option 1 Credit Union held steady from 6.79% as of December 31, 2010 to 7.84% as of December 31, 2011, resulting in a negative change of 15.45%. This indicates that the balance sheet and financial strength for Option 1 Credit Union has held steady in recent periods.
Deposit Growth4
In the past year, Option 1 Credit Union has increased its total deposits by $4.27 million, resulting in 1.94% 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 Option 1 Credit Union has shown is above average.
Capitalization5
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. Option 1 Credit Union has $266.76 million in assets with $39.96 million in equity, resulting in a capitalization level of 14.98%, which is excellent.
Write Review

Lifetime Of Great Experiences, Great Rates, Great Management, Family Friendly
5 stars - klaassen - Wednesday, November 23, 2011 - 9:23 PM

I've been a member of this credit union since it was called Bell Com Credit union back in the mid-80's.  They gave me my first job while in high school and have treated my family with the utmost respect and kindness. 

With deep gratitude to the staff and leadership I am proud to write about my wonderful 25 years of experience with this credit union.  We have since moved out of state and continue our relationship and wouldn't change it for the world. 

I've personally spoken to leadership in the past couple of years and was struck with how caring they are given the new world of foreclosures and high unemployment we live in.  Needless to say, we will be members for years to come and are proud to be.

Thank you Option 1 for blessing my family in so many ways for 25+ years.  This kind of relationship is second to none for us.

3

Option 1 CU Unfair To Old Customers
1 stars - bazardo - Thursday, November 3, 2011 - 2:53 PM

Watch out if you move out of state and don't close your account.  I called them today to close out my account and was told it had gone dormant and they had charged me 5.00 a month fees and exhausted my funds and then closed the account.  "it was on your statements that you were being charged and the account was being closed"  Now if I had read on my statement that I was being charged for NOT using my account there is no way I wouldn't have closed it right away.  Also they said it had 44.00 in it.  When I moved out of state it had over 100.00 in it.  Of course they kept telling me it was my fault for not reading my statement.  I have worked in the financial industry for over 30 years and there is no way I would not read any statement (if indeed I really got them).  Very poor and condescindiing customer service.  I would think in the interest of customer relations they would have given me the money they basically just took.  It was not like this when it was Bell Com. 

2
 
Featured Accounts
Nationwide Savings Accounts