Average User Rating:
1 star rating based on 1 review.

Progressive Credit Union

131 W 33rd St Ste 700
New York, NY 10001
212-695-8900
www.progressivecu.org

NCUA

OverView
Rates
Health
Reviews

Progressive Credit Union is headquartered in New York and is the 25^th largest credit union in the state of New York. It is also the 386^th largest credit union in the nation. It was established in 1918 and as of December of 2012, it had grown to 29 employees and 4,194 members. Progressive Credit Union's savings rates are 44% higher than the national average, and it boasts a 5-star health rating.

Progressive Credit Union Routing Number: 226074069

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 ...

Top CD Rates Continue at Progressive Credit Union in New York City - 10/10/2012

For those who can join, Progressive Credit Union continues to offer good deals for savers. This is especially the case for its long-term CD rates. The best one is the 5-year CD which has a 2.32% APY. ...

Top CD Rates at Two NYC Credit Unions But with Tough Qualifications - 11/16/2011

Self Reliance New York FCU and Progressive Credit Union are two New York City credit unions that have a long history of top CD rates, but unfortunately, they also have a history of tough membership qu ...

Top CD Rates Continue at the Exclusive Progressive Credit Union in New York City - 9/19/2011

Several readers have been wanting to join Progressive Credit Union , but its unique field of membership doesn't make it easy. According to the credit union's About Us page: In order to become a mem ...

2011

1/5 - High CD Rates Continue at the Exclusive Progressive Credit Union in New York City

2010

2009

Report an Issue

See Rates for: Checking | Savings | CD | IRA

Progressive Credit Union Checking Account Rates

	Apy	Min	Max	Product
	0.15%	$300	-	Share Drafts

Progressive Credit Union Savings Account Rates

Apy	Min	Max	Product
0.75%	$50k	-	Shares-Tiered
0.75%	-	-	Traditional IRA Shares
0.75%	-	-	Roth IRA Shares

Progressive Credit Union CD Rates

Apy	Min	Max	Product
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

Apy	Min	Max	Product
2.32%	-	-	5 Year IRA
2.32%	-	-	5 Year Roth IRA
2.32%	-	-	5 Year Roth Conv. IRA
1.61%	-	-	3 Year IRA
1.61%	-	-	3 Year Roth IRA
1.61%	-	-	3 Year Roth Conv. IRA
1.36%	-	-	2 Year IRA
1.36%	-	-	2 Year Roth IRA
1.36%	-	-	2 Year Roth Conv. IRA
1.11%	-	-	18 Month IRA
1.11%	-	-	18 Month Roth IRA
0.80%	-	-	1 Year IRA
0.80%	-	-	15 Month IRA
0.80%	-	-	1 Year Roth IRA
0.80%	-	-	15 Month Roth IRA
0.80%	-	-	1 Year Roth Conv. IRA

Rates updated: 5/18/2013

Data for Q4 2012

Institution Statistics

PROGRESSIVE
NCUA #	60064
BankRate Report	View
Year Chartered	1918
Employees	29
Primary Regulator
Assets and Liabilities
Assets	$547.47 million
Loans	$476.68 million
Deposits	$289.50 million
Equity Capital	$240.87 million
Loan Loss Allowance	$5.18 million
Unbacked Noncurrent Loans	$7.25 million
Real Estate Owned	$1.15 million
Historic Data - December 2011
Assets	$578.07 million
Equity Capital	$223.32 million
Loan Loss Allowance	$5.79 million
Unbacked Noncurrent Loans	$18.96 million
Real Estate Owned	$267,000
Profit Margin - Quarterly
Net Interest Margin	6.76%
Return on Assets	3.23%
Return on Equity	7.34%
Interest Income	$32.50 million
Non-Interest Income	$1.47 million

Institution Health

Overall Score:

5 out of 5

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, 2012 Progressive Credit Union had $8.4 million in non-current loans and owned real-estate with $246.05 million in equity and loan loss allowances on hand to cover it. This gives Progressive Credit Union a Texas Ratio of 3.41% 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 significantly from 8.39% as of December 31, 2011 to 3.41% as of December 31, 2012, resulting in a positive change of 59.34%.This indicates that the balance sheet and financial strength for Progressive Credit Union has improved significantly in recent periods.
Deposit Growth
In the past year, Progressive Credit Union has decreased its total deposits by -$11.04 million, resulting in -3.67% 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 below average.
Capitalization
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 $547.47 million in assets with $246.05 million in equity, resulting in a capitalization level of 44.94%, which is excellent.