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Overview / Commentary
2815 2nd Ave Ste 100
Seattle, WA 98121

Puget Sound CU is headquartered in Seattle and is the 80th largest credit union in the state of Washington. It is also the 3,669th largest credit union in the nation. It was established in 1967 and as of March of 2014, it had grown to 5 employees and 3,023 members. Puget Sound CU has a C health rating.

Field of Membership Restrictions

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Health

Data for Q1 2014

Institution Health

C
Additional Factors: Institutions with a small asset base or a short operating history can represent an instability risk beyond what their financial ratios indicate. Puget Sound CU 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 Puget Sound CU had $150,000 in non-current loans and owned real-estate with $1.44 million in equity and loan loss allowances on hand to cover it. This gives Puget Sound CU a Texas Ratio of 10.40% 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 Puget Sound CU increased slightly from 1.77% as of March 31, 2013 to 10.40% as of March 31, 2014, resulting in a negative change of 488.26%. This indicates that the balance sheet and financial strength for Puget Sound CU has declined slightly in recent periods.

Deposit Growth

GRADE:
D

In the past year, Puget Sound CU has decreased its total deposits by $-934,000, resulting in -5.19% 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 Puget Sound CU has shown is below average.

Capitalization

GRADE:
C-

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. Puget Sound CU has $18.44 million in assets with $1.44 million in equity, resulting in a capitalization level of 7.82%, which is below average.

Institution Statistics

Overall
NCUA #24837
Year Chartered1967
Employees5
Primary Regulator
Assets and Liabilities
Assets$18.44 million
Loans$8.50 million
Deposits$17.06 million
Equity Capital$1.30 million
Loan Loss Allowance$139,000
Unbacked Noncurrent Loans$150,000
Real Estate Owned$0
Historic Data - March 2013
Assets$19.46 million
Equity Capital$1.41 million
Loan Loss Allowance$233,000
Unbacked Noncurrent Loans$150,000
Real Estate Owned$0
Profit Margin - Quarterly
Net Interest Margin1.44%
Return on Assets-1.04%
Return on Equity-14.74%
Interest Income$135,000
Rates
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Puget Sound CU Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.20%--Traditional IRA Shares
0.20%--Roth IRA Shares
0.20%--Coverdell ESA Shares
0.10%--Regular Shares
0.05%--Holiday Club
0.05%--Shares with a Purpose (SWAP)

Puget Sound CU Checking Account Rates

DetailsAPYMINMAXPRODUCT
2.02%$25$1keChecking
0.05%--Xtraordinary Checking
Locations


Puget Sound CU Locations
Branch Office2815 2nd Ave STE 100Seattle, WA 98121