Reach Credit Union
Reach Credit Union is headquartered in Menlo Park and is the 152nd largest credit union in the state of California. It is also the 1,522nd largest credit union in the nation. It was established in 1971 and as of March of 2014, it had grown to 19 employees and 6,258 members. Reach Credit Union has a B+ health rating.
Field of Membership Restrictions
First, you must be a U.S. citizen, a U.S. permanent resident or a Foreign National authorized to work in the United States. Then, you must be employed (active or retired) by the following sponsor organizations, its subsidiaries or business units: Tyco International; TE Connectivity; Covidien; ADT; EloTouch Solutions; Atkore. If you are related to and/or living with someone who is a member, you are eligible! - See Details
Data for Q1 2014
Institution Health
Texas Ratio
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 Reach Credit Union had $260,000 in non-current loans and owned real-estate with $8.73 million in equity and loan loss allowances on hand to cover it. This gives Reach Credit Union a Texas Ratio of 2.98% 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 Reach Credit Union decreased slightly from 3.66% as of March 31, 2013 to 2.98% as of March 31, 2014, resulting in a positive change of 18.56%.This indicates that the balance sheet and financial strength for Reach Credit Union has improved slightly in recent periods.
Deposit Growth
In the past year, Reach Credit Union has decreased its total deposits by -$3.59 million, resulting in -3.78% 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 Reach 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. Reach Credit Union has $100.04 million in assets with $8.73 million in equity, resulting in a capitalization level of 8.73%, which is average.
Institution Statistics
| Overall | |
|---|---|
| NCUA # | 20699 |
| Year Chartered | 1971 |
| Employees | 19 |
| Primary Regulator |
| Assets and Liabilities | |
|---|---|
| Assets | $100.04 million |
| Loans | $42.71 million |
| Deposits | $91.31 million |
| Equity Capital | $8.39 million |
| Loan Loss Allowance | $341,000 |
| Unbacked Noncurrent Loans | $260,000 |
| Real Estate Owned | $0 |
| Historic Data - March 2013 | |
|---|---|
| Assets | $103.63 million |
| Equity Capital | $8.07 million |
| Loan Loss Allowance | $626,000 |
| Unbacked Noncurrent Loans | $260,000 |
| Real Estate Owned | $0 |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 1.21% |
| Return on Assets | 0.74% |
| Return on Equity | 8.77% |
| Interest Income | $665,000 |
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Reach Credit Union Savings Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.20% | - | - | Holiday Club Account | |
| 0.20% | - | - | Vacation Club Account | |
| 0.15% | - | - | IRA Account | |
| 0.10% | $50 | - | Savings Account |
Reach Credit Union Money Market Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.20% | $10k | - | Money Market Account |
Reach Credit Union Checking Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.00% | - | - | Checking Account |
Reach Credit Union CD Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.21% | $500 | - | 36 Month CD | |
| 1.05% | $500 | - | 30 Month w/Bump-Up CD | |
| 0.95% | $500 | - | 24 Month CD | |
| 0.80% | $500 | - | 18 Month w/Bump-Up CD | |
| 0.60% | $500 | - | 12 Month CD | |
| 0.30% | $500 | - | 6 Month CD |
Reach Credit Union IRA Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.21% | $500 | - | 36 Month IRA | |
| 1.05% | $500 | - | 30 Month w/Bump-Up IRA | |
| 0.95% | $500 | - | 24 Month IRA | |
| 0.80% | $500 | - | 18 Month w/Bump-Up IRA | |
| 0.60% | $500 | - | 12 Month IRA | |
| 0.30% | $500 | - | 6 Month IRA |
| Reach Credit Union Locations | ||
|---|---|---|
| Branch Office | 8000 Purfoy Rd | Fuquay Varina, NC 27526-8938 |
| Branch Office | 3715 Haven Ave Ste 200 | Menlo Park, CA 94025 |