River Works Credit Union is headquartered in LYNN and is the 57th largest credit union in the state of Massachusetts. It is also the 1,583rd largest credit union in the nation. It was established in 1936 and as of September of 2013, it had grown to 24 employees and 6,991 members. River Works Credit Union's money market rates are 36% higher than the national average, and it boasts a A+ health rating.
Field of Membership Restrictions
Eligible to anyone who works or lives in Essex, Middlesex or Suffolk Counties or select employer groups. - See Details
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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 River Works Credit Union had $198,000 in non-current loans and owned real-estate with $10.9 million in equity and loan loss allowances on hand to cover it. This gives River Works Credit Union a Texas Ratio of 1.82% 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 River Works Credit Union decreased dramatically from 8.50% as of September 30, 2012 to 1.82% as of September 30, 2013, resulting in a positive change of 78.64%.This indicates that the balance sheet and financial strength for River Works Credit Union has improved dramatically in recent periods.
Deposit Growth
In the past year, River Works Credit Union has increased its total deposits by $7.2 million, resulting in 10.04% 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 River Works 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. River Works Credit Union has $90.96 million in assets with $10.9 million in equity, resulting in a capitalization level of 11.98%, which is excellent.
Institution Statistics
| Overall | |
|---|---|
| NCUA # | 66346 |
| Year Chartered | 1936 |
| Employees | 24 |
| Primary Regulator |
| Assets and Liabilities | |
|---|---|
| Assets | $90.96 million |
| Loans | $61.92 million |
| Deposits | $78.99 million |
| Equity Capital | $10.65 million |
| Loan Loss Allowance | $248,000 |
| Unbacked Noncurrent Loans | $149,000 |
| Real Estate Owned | $49,000 |
| Historic Data - September 2012 | |
|---|---|
| Assets | $83.55 million |
| Equity Capital | $10.08 million |
| Loan Loss Allowance | $311,000 |
| Unbacked Noncurrent Loans | $149,000 |
| Real Estate Owned | $845,000 |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 3.24% |
| Return on Assets | 0.88% |
| Return on Equity | 7.49% |
| Interest Income | $2.83 million |
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River Works Credit Union Savings Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.30% | $25 | - | IRA Accumulator | |
| 0.15% | $25 | - | Regular Savings Account | |
| 0.15% | $25 | - | Christmas Club | |
| 0.15% | $25 | - | Fuel Club | |
| 0.15% | $25 | - | Vacation Club |
River Works Credit Union Money Market Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.60% | $100k | - | Money Market Account |
River Works Credit Union Checking Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.25% | $15k | - | Preferred Gold Checking | |
| 0.20% | $10k | - | Preferred Checking |
River Works Credit Union CD Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.65% | $500 | - | 60 Month CD | |
| 1.25% | $500 | - | 48 Month CD | |
| 1.10% | $500 | - | 36 Month CD | |
| 0.95% | $500 | - | 24 Month CD | |
| 0.80% | $500 | - | 18 Month CD | |
| 0.65% | $500 | - | 12 Month CD | |
| 0.40% | $500 | - | 6 Month CD | |
| 0.25% | $500 | - | 3 Month CD |
River Works Credit Union IRA Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.45% | $25k | - | 48 Month IRA Special | |
| 1.30% | $500 | - | 36 Month IRA | |
| 0.95% | $500 | - | 24 Month IRA | |
| 0.90% | $500 | - | 18 Month IRA |
| River Works Credit Union Locations | ||
|---|---|---|
| Branch Office | 947 Western Ave | Lynn, MA 01905-2640 |
| Branch Office | 96 High Street | Billerica, MA 01821 |
| Branch Office | 947 Western Ave | Lynn, MA 01905-2640 |