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Overview / Commentary
600 Gresham Dr
Norfolk, VA 23507

Prime Care Incorporated Credit Union is headquartered in Norfolk and is the 87th largest credit union in the state of Virginia. It is also the 3,632nd largest credit union in the nation. It was established in 1970 and as of March of 2014, it had grown to 9 employees and 5,858 members. Prime Care Incorporated Credit Union's savings rates are 44% higher than the national average, and it has a B+ health rating.

Field of Membership Restrictions

Must be an employee, medical staff, retiree or student of Sentara Health System or its subsidiary. Also open to employees of Prime Care, Eastern Virginia Medical School, Norfolk Psychiatric Center, Children's Hospital of the Kings Daughters, Shared Hospital Service and Tidewater Chapter of the American Red Cross. - See Details

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Health

Data for Q1 2014

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. Prime Care Incorporated Credit Union has a low asset base.

Texas Ratio

GRADE:
A+

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 Prime Care Incorporated Credit Union had $18,000 in non-current loans and owned real-estate with $2.31 million in equity and loan loss allowances on hand to cover it. This gives Prime Care Incorporated Credit Union a Texas Ratio of 0.78% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
C+

The Texas Ratio for Prime Care Incorporated Credit Union experienced no significant changes from 0.55% as of March 31, 2013 to 0.78% as of March 31, 2014, resulting in a negative change of 41.36%. This indicates that the balance sheet and financial strength for Prime Care Incorporated Credit Union has had no significant changes in recent periods.

Deposit Growth

GRADE:
A

In the past year, Prime Care Incorporated Credit Union has increased its total deposits by $587,000, resulting in 3.66% 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 Prime Care Incorporated Credit Union has shown is excellent.

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. Prime Care Incorporated Credit Union has $19 million in assets with $2.31 million in equity, resulting in a capitalization level of 12.14%, which is excellent.

Institution Statistics

Overall
NCUA #61576
Year Chartered1970
Employees9
Primary Regulator
Assets and Liabilities
Assets$19.01 million
Loans$5.61 million
Deposits$16.64 million
Equity Capital$2.28 million
Loan Loss Allowance$27,000
Unbacked Noncurrent Loans$18,000
Real Estate Owned$0
Historic Data - March 2013
Assets$18.28 million
Equity Capital$2.14 million
Loan Loss Allowance$33,000
Unbacked Noncurrent Loans$18,000
Real Estate Owned$0
Profit Margin - Quarterly
Net Interest Margin1.25%
Return on Assets0.34%
Return on Equity2.81%
Interest Income$93,000
Rates
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Prime Care Incorporated Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.75%--IRA Share
0.25%--Regular Shares
0.15%--Rainy Day Club
0.15%--Christmas Club

Prime Care Incorporated Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
0.45%$1k-12 Month CD
0.45%$500-12 Month Minor CD
0.30%$1k-6 Month CD
0.30%$500-6 Month Minor CD
Locations


Prime Care Incorporated Credit Union Locations
Branch Office600 Gresham DrNorfolk, VA 23507
Branch Office830 Kempsville RdNorfolk, VA 23502
Branch Office2800 Godwin BlvdSuffolk, VA 23434