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

Progressive Credit Union

370 Seventh Avenue Suite 1400
New York, NY 10001
212-695-8900
www.progressivecu.org

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Progressive Credit Union is headquartered in New York City and is the 25^th largest credit union in the state of New York. It is also the 367^th largest credit union in the nation. It was established in 1918 and as of September of 2011, it had grown to 26 employees and 5,049 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

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 ...

High CD Rates Continue at the Exclusive Progressive Credit Union in New York City - 1/5/2011

Progressive Credit Union in New York City has a very unique field of membership. According to the credit union's About Us page: In order to become a member, an individual or credit union needs to b ...

The Exclusive Progressive Credit Union in New York City - 7/9/2010

2010

2009

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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
0.75%	-	-	Roth Conv. IRA Shares
0.75%	-	-	Coverdale IRA Shares

Progressive Credit Union CD Rates

Apy	Min	Max	Product
2.32%	-	-	5 Year CD
1.82%	-	-	3 Year CD
1.36%	-	-	2 Year CD
1.11%	-	-	18 Month CD
1.01%	-	-	15 Month CD
1.00%	-	-	1 Year 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
1.82%	-	-	3 Year IRA
1.82%	-	-	3 Year Roth IRA
1.82%	-	-	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
1.01%	-	-	15 Month IRA
1.01%	-	-	15 Month Roth IRA
1.00%	-	-	1 Year IRA
1.00%	-	-	1 Year Roth IRA
1.00%	-	-	1 Year Roth Conv. IRA

Rates updated: 2/11/2012

Data for Q3 2011

Institution Statistics

PROGRESSIVE
NCUA #	60064
BankRate Report	View
Year Established	1918
Employees	26
Primary Regulator
Assets and Liabilities
Assets	$532.06 million
Loans	$479.25 million
Deposits	$298.01 million
Equity Capital	$219.89 million
Loan Loss Allowance	$5.45 million
Unbacked Noncurrent Loans	$14.12 million
Historic Data - September 2010
Assets	$592.20 million
Equity Capital	$202.27 million
Loan Loss Allowance	$5.35 million
Unbacked Noncurrent Loans	$13.93 million
Profit Margin - Quarterly
Net Interest Margin	5.5%
Return on Assets	3.3%
Return on Equity	7.99%
Interest Income	$26.40 million
Non-Interest Income	$854,000

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 September 30, 2011 Progressive Credit Union had $14.12 million in non-current loans and owned real-estate with $225.34 million in equity and loan loss allowances on hand to cover it. This gives Progressive Credit Union a Texas Ratio of 6.27% 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 held steady from 6.71% as of September 30, 2010 to 6.27% as of September 30, 2011, resulting in a positive change of 6.59%.This indicates that the balance sheet and financial strength for Progressive Credit Union has held steady in recent periods.
Deposit Growth
In the past year, Progressive Credit Union has increased its total deposits by $21.21 million, resulting in 7.66% 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 Progressive Credit Union has shown is excellent.
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 $532.05 million in assets with $225.34 million in equity, resulting in a capitalization level of 42.35%, which is excellent.