Raritan Bay Federal Credit Union
Raritan Bay Federal Credit Union is headquartered in Sayreville and is the 37th largest credit union in the state of New Jersey. It is also the 1,833rd largest credit union in the nation. It was established in 1941 and as of September of 2013, it had grown to 30 employees and 9,453 members. Raritan Bay Federal Credit Union's savings rates are 15% higher than the national average, and it has a B health rating.
Field of Membership Restrictions
Eligible to anyone who lives, works, worships or attends school in Middlesex County. - See Details
Related Posts
Cap Reduced
The cap has been reduced from 20K to 10K according to CU website
Awful Bank Avoid It
Awful bank. I wanted to freeze my account because I was switching banks and they refused to freeze it I informed them that if anything got debited there would be no way to cover it. They stated basically too bad I will get a fee. Awful bank. Oh yeah during sandy they would only let you take out 100 dollars at a time no matter your balance in your account. Awful awful bank so many other credit unions out there that are better.
Data for Q3 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 September 30, 2013 Raritan Bay Federal Credit Union had $914,000 in non-current loans and owned real-estate with $5.97 million in equity and loan loss allowances on hand to cover it. This gives Raritan Bay Federal Credit Union a Texas Ratio of 15.30% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend
The Texas Ratio for Raritan Bay Federal Credit Union held steady from 14.00% as of September 30, 2012 to 15.30% as of September 30, 2013, resulting in a negative change of 9.30%. This indicates that the balance sheet and financial strength for Raritan Bay Federal Credit Union has held steady in recent periods.
Deposit Growth
In the past year, Raritan Bay Federal Credit Union has increased its total deposits by $2.2 million, resulting in 3.41% 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 Raritan Bay Federal 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. Raritan Bay Federal Credit Union has $72.57 million in assets with $5.97 million in equity, resulting in a capitalization level of 8.23%, which is average.
Institution Statistics
| Overall | |
|---|---|
| NCUA # | 4726 |
| Year Chartered | 1941 |
| Employees | 30 |
| Primary Regulator |
| Assets and Liabilities | |
|---|---|
| Assets | $72.57 million |
| Loans | $37.01 million |
| Deposits | $66.68 million |
| Equity Capital | $5.57 million |
| Loan Loss Allowance | $398,000 |
| Unbacked Noncurrent Loans | $914,000 |
| Real Estate Owned | $0 |
| Historic Data - September 2012 | |
|---|---|
| Assets | $70.39 million |
| Equity Capital | $5.74 million |
| Loan Loss Allowance | $420,000 |
| Unbacked Noncurrent Loans | $914,000 |
| Real Estate Owned | $169,000 |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 4.57% |
| Return on Assets | -0.23% |
| Return on Equity | -3.04% |
| Interest Income | $2.13 million |
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Raritan Bay Federal Credit Union Savings Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.60% | - | $10k | Kasasa Saver | |
| 0.10% | - | - | Holiday Club | |
| 0.10% | - | - | Vacation Club | |
| 0.10% | $100 | - | IRA Savings Account | |
| 0.10% | $100 | - | Roth IRA Savings Account | |
| 0.10% | $100 | - | Coverdell Education Savings Account | |
| 0.10% | - | - | Savings Account | |
| 0.01% | - | - | Kasasa Saver |
Raritan Bay Federal Credit Union Money Market Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.25% | $2k | $2,500 | Student-Branch Mini-Market Account | |
| 0.15% | $2,500 | - | Money Market Account |
Raritan Bay Federal Credit Union Checking Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.60% | - | $10k | Kasasa Cash | |
| 0.01% | - | - | Kasasa Cash |
Raritan Bay Federal Credit Union CD Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.25% | $1k | - | 48 Month CD | |
| 1.00% | $1k | - | 36 Month CD | |
| 0.70% | $1k | - | 24 Month CD | |
| 0.45% | $1k | - | 18 Month CD | |
| 0.25% | $1k | - | 12 Month CD | |
| 0.20% | $1k | - | 6 Month CD |
Raritan Bay Federal Credit Union IRA Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.25% | $1k | - | 48 Month IRA | |
| 1.25% | $1k | - | 48 Month Roth IRA | |
| 1.25% | $1k | - | 48 Month CESA | |
| 1.00% | $1k | - | 36 Month IRA | |
| 1.00% | $1k | - | 36 Month Roth IRA | |
| 1.00% | $1k | - | 36 Month CESA | |
| 0.70% | $1k | - | 24 Month IRA | |
| 0.70% | $1k | - | 24 Month Roth IRA | |
| 0.70% | $1k | - | 24 Month CESA | |
| 0.25% | $1k | - | 12 Month IRA | |
| 0.25% | $1k | - | 12 Month Roth IRA | |
| 0.25% | $1k | - | 12 Month CESA | |
| 0.20% | $1k | - | 6 Month IRA | |
| 0.20% | $1k | - | 6 Month Roth IRA | |
| 0.20% | $1k | - | 6 Month CESA |
| Raritan Bay Federal Credit Union Locations | ||
|---|---|---|
| Branch Office | 502 Washington Rd | Parlin, NJ 08859-1024 |
| Branch Office | 491 Raritan St | Sayreville, NJ 08872-1442 |
| Branch Office | 1581 State Route 27 | Edison, NJ 08817 |
| Branch Office | 93 Main St | South River, NJ 08882 |