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131 W 33rd St Ste 700
New York, NY 10001

Progressive Credit Union is headquartered in New York and is the 24th largest credit union in the state of New York. It is also the 317st largest credit union in the nation. It was established in 1918 and as of December of 2013, it had grown to 30 employees and 4,015 members. Progressive Credit Union's savings rates are 44% higher than the national average, and it boasts a A+ health rating.

Field of Membership Restrictions

By our charter natural persons, credit unions, businesses, organizations or clubs are eligible to join. In order to become a member you need to be recommended by another member. - See Details

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High CD Rates and Unique Membership Requirements Continue at Progressive Credit Union - 4/17/2013

If you’re searching for 5-year CD rates over 2.00%, you should be interested in Progressive Credit Union . It continues to offer a very competitive 5-year CD with a 2.32% APY. Its shorter-term CDs are ...

Reviews (2)

They Don't Allow Non

they don't allow non-members to join, you have to be sponsored by a member.  good luck finding a member.

It's Unfair: Exclusive Only To Members

This is unfair, an organization exclusive only to its members. Then to add salt to the wound you have to seek out a member to give you a recommendation in order to join; you can't be serious. How are people supposed to find these people. Oh wait, you can't it's exclusive. See this is why the United States is in the shape that it is in because of the selfishness of people in this day and age.


Data for Q4 2013

Institution Health


Texas Ratio


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 Progressive Credit Union had $7.29 million in non-current loans and owned real-estate with $264.39 million in equity and loan loss allowances on hand to cover it. This gives Progressive Credit Union a Texas Ratio of 2.76% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend


The Texas Ratio for Progressive Credit Union decreased slightly from 3.41% as of December 31, 2012 to 2.76% as of December 31, 2013, resulting in a positive change of 19.20%.This indicates that the balance sheet and financial strength for Progressive Credit Union has improved slightly in recent periods.

Deposit Growth


In the past year, Progressive Credit Union has increased its total deposits by $9.4 million, resulting in 3.25% 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 Progressive Credit Union has shown is excellent.



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. Progressive Credit Union has $683.33 million in assets with $264.39 million in equity, resulting in a capitalization level of 38.69%, which is excellent.

Institution Statistics

NCUA #60064
Year Chartered1918
Primary Regulator
Assets and Liabilities
Assets$683.33 million
Loans$627.31 million
Deposits$298.91 million
Equity Capital$259.94 million
Loan Loss Allowance$4.45 million
Unbacked Noncurrent Loans$6.69 million
Real Estate Owned$601,000
Historic Data - December 2012
Assets$547.47 million
Equity Capital$240.87 million
Loan Loss Allowance$5.18 million
Unbacked Noncurrent Loans$6.69 million
Real Estate Owned$1.15 million
Profit Margin - Quarterly
Net Interest Margin5.18%
Return on Assets2.7%
Return on Equity7.1%
Interest Income$32.92 million
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Progressive Credit Union Savings Account Rates

0.75%--Traditional IRA Shares
0.75%--Roth IRA Shares

Progressive Credit Union Checking Account Rates

0.15%$300-Share Drafts

Progressive Credit Union CD Rates

2.32%--5 Year CD
1.61%--3 Year CD
1.36%--2 Year CD
1.11%--18 Month CD
0.80%--1 Year CD
0.80%--15 Month CD

Progressive Credit Union IRA Rates

2.32%--5 Year IRA (Traditional,Roth)
1.61%--3 Year IRA (Traditional,Roth)
1.36%--2 Year IRA (Traditional,Roth)
1.11%--18 Month IRA (Traditional,Roth)
0.80%--1 Year IRA (Traditional,Roth)
0.80%--15 Month IRA (Traditional,Roth)

Progressive Credit Union Locations
Branch Office131 W 33rd St Ste 700New York, NY 10001-2908