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South Charleston Employees Credit Union

Based on 1 review
South Charleston Employees Credit Union
Overview / Commentary
304-720-5600
515 3rd Ave Ste 200
South Charlesto, WV 25303

South Charleston Employees Credit Union is headquartered in South Charleston and is the 35th largest credit union in the state of West Virginia. It is also the 3,548th largest credit union in the nation. It was established in 1965 and as of March of 2014, it had grown to 4 employees and 1,393 members. South Charleston Employees Credit Union has a B health rating.

Reviews (1)

Don't Use Them If Your Looking To Raise Your Credit Score, They Don't Report On Time Payments, Just The Ones You Miss.

I got a new car loan from them because they had good rates. I couldn't wait to watch my credit score grow with this new car loan. After about a year of not missing any payments I checked my credit score to see how much it had grown, and to my amazement it had not budged. I called them and they said that they did not report loan payments to any of the credit bureaus. I was furious and still am. I have not missed one payment in six years and my credit score has not budged any. What a waste of time and effort. I bet if I missed a payment or two they sure as heck would report it to the credit bureaus. I don't know why they don't do this like a normal banking institution, but it just seems like laziness towards members. And now they messed up my automatic electronic payment account that hasn't changed in the pass 6 years, and they're trying to say that I changed my account or something and my payment is going to be late, and I'll be charged a fee and a bad credit status. This is their fault, I guess they hit the wrong key on their keyboard. After this loan is payed, I'm wiping my hands clean of them.



Health

Data for Q1 2014

Institution Health

B
Additional Factors: Institutions with a small asset base or a short operating history can represent an instability risk beyond what their financial ratios indicate. South Charleston Employees Credit Union 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 South Charleston Employees Credit Union had $122,000 in non-current loans and owned real-estate with $7.32 million in equity and loan loss allowances on hand to cover it. This gives South Charleston Employees Credit Union a Texas Ratio of 1.67% 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 South Charleston Employees Credit Union experienced no significant changes from 1.62% as of March 31, 2013 to 1.67% as of March 31, 2014, resulting in a negative change of 2.80%. This indicates that the balance sheet and financial strength for South Charleston Employees Credit Union has had no significant changes in recent periods.

Deposit Growth

GRADE:
D

In the past year, South Charleston Employees Credit Union has decreased its total deposits by -$1.06 million, resulting in -7.71% 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 South Charleston Employees Credit Union has shown is below average.

Capitalization

GRADE:
A+

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. South Charleston Employees Credit Union has $20.01 million in assets with $7.32 million in equity, resulting in a capitalization level of 36.59%, which is excellent.

Institution Statistics

Overall
NCUA #16989
Year Chartered1965
Employees4
Primary Regulator
Assets and Liabilities
Assets$20.01 million
Loans$6.17 million
Deposits$12.67 million
Equity Capital$7.29 million
Loan Loss Allowance$29,000
Unbacked Noncurrent Loans$122,000
Real Estate Owned$0
Historic Data - March 2013
Assets$20.89 million
Equity Capital$7.12 million
Loan Loss Allowance$35,000
Unbacked Noncurrent Loans$122,000
Real Estate Owned$0
Profit Margin - Quarterly
Return on Assets0.7%
Return on Equity1.92%
Interest Income$158,000
Rates

Sorry, we do not have rate data for South Charleston Employees Credit Union

Locations


South Charleston Employees Credit Union Locations
Branch Office515 3rd Ave Ste 200South Charleston, WV 25303