South Florida Federal Credit Union
South Florida Federal Credit Union is headquartered in MIAMI and is the 100th largest credit union in the state of Florida. It is also the 2,738th largest credit union in the nation. It was established in 1978 and as of December of 2013, it had grown to 14 employees and 3,957 members. South Florida Federal Credit Union's savings rates are 92% higher than the national average, and it has a C+ health rating.
Field of Membership Restrictions
Membership is primarily based on Select Employee Groups. Several churches and schools are also included. Please refer to the credit union's Who Can Join page for more details. - See Details
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Little Service At This Credit Union
The management of this credit union lacks a sense of urgency. Their rates are decent, but sometimes you are in need of service more than a low rate.
Data for Q4 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 December 31, 2013 South Florida Federal Credit Union had $320,000 in non-current loans and owned real-estate with $3.84 million in equity and loan loss allowances on hand to cover it. This gives South Florida Federal Credit Union a Texas Ratio of 8.33% 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 South Florida Federal Credit Union experienced no significant changes from 5.87% as of December 31, 2012 to 8.33% as of December 31, 2013, resulting in a negative change of 41.78%. This indicates that the balance sheet and financial strength for South Florida Federal Credit Union has had no significant changes in recent periods.
Deposit Growth
In the past year, South Florida Federal Credit Union has decreased its total deposits by $-940,000, resulting in -2.91% 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 Florida Federal 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. South Florida Federal Credit Union has $34.8 million in assets with $3.84 million in equity, resulting in a capitalization level of 11.04%, which is excellent.
Institution Statistics
| Overall | |
|---|---|
| NCUA # | 23041 |
| Year Chartered | 1978 |
| Employees | 14 |
| Primary Regulator |
| Assets and Liabilities | |
|---|---|
| Assets | $34.80 million |
| Loans | $24.25 million |
| Deposits | $31.34 million |
| Equity Capital | $3.27 million |
| Loan Loss Allowance | $573,000 |
| Unbacked Noncurrent Loans | $320,000 |
| Real Estate Owned | $0 |
| Historic Data - December 2012 | |
|---|---|
| Assets | $35.95 million |
| Equity Capital | $3.49 million |
| Loan Loss Allowance | $393,000 |
| Unbacked Noncurrent Loans | $320,000 |
| Real Estate Owned | $0 |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 6.98% |
| Return on Assets | -0.39% |
| Return on Equity | -4.19% |
| Interest Income | $1.98 million |
Always verify rates and promotions with the bank or credit union. We are not South Florida Federal Credit Union, we are a rate comparison website and can not provide official rates or promotions.
South Florida Federal Credit Union Savings Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.00% | - | - | IRA - Education | |
| 1.00% | - | - | IRA - Roth | |
| 1.00% | - | - | IRA - Regular | |
| 0.35% | - | - | Share Savings | |
| 0.35% | - | - | Business Share Savings | |
| 0.15% | - | - | Clubs (Holiday & Vacation) |
South Florida Federal Credit Union Money Market Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.55% | - | - | Money Market | |
| 0.55% | - | - | Business Money Market |
South Florida Federal Credit Union Checking Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.00% | - | - | Share Draft Checking | |
| 0.00% | - | - | Business Share Draft Checking |
South Florida Federal Credit Union CD Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.51% | $200 | - | 60 Month CD | |
| 1.26% | $200 | - | 12 Month CD | |
| 1.21% | $200 | - | 48 Month CD | |
| 1.11% | $200 | - | 36 Month CD | |
| 1.00% | $200 | - | 30 Month CD | |
| 0.90% | $200 | - | 24 Month CD | |
| 0.80% | $200 | - | 18 Month CD | |
| 0.65% | $200 | - | 9 Month CD | |
| 0.55% | $200 | - | 6 Month CD | |
| 0.40% | $200 | - | 3 Month CD |
South Florida Federal Credit Union IRA Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.51% | $200 | - | 60 Month IRA (Traditional,Roth,CESA) | |
| 1.21% | $200 | - | 48 Month IRA (Traditional,Roth,CESA) | |
| 1.11% | $200 | - | 36 Month IRA (Traditional,Roth,CESA) | |
| 1.05% | $200 | - | 12 Month IRA (Traditional,Roth,CESA) | |
| 1.00% | $200 | - | 30 Month IRA (Traditional,Roth,CESA) | |
| 0.90% | $200 | - | 24 Month IRA (Traditional,Roth,CESA) | |
| 0.80% | $200 | - | 18 Month IRA (Traditional,Roth,CESA) | |
| 0.55% | $200 | - | 6 Month IRA (Traditional,Roth,CESA) |
| South Florida Federal Credit Union Locations | ||
|---|---|---|
| Branch Office | 1400 NW 12th Ave | Miami, FL 33136 |
| Branch Office | 1902 NW 14th Ave | Miami, FL 33125 |