Southeastern Credit Union
Southeastern Credit Union is headquartered in Valdosta and is the 14st largest credit union in the state of Georgia. It is also the 940th largest credit union in the nation. It was established in 1953 and as of March of 2014, it had grown to 68 employees and 25,425 members. Southeastern Credit Union's money market rates are 36% higher than the national average, and it has a A health rating.
Field of Membership Restrictions
Must live, work, worship or attend school in any of the following counties: Ben Hill, Berrien, Brooks, Cook, Echols, Irwin, Lanier, Lowndes, Tift or Turner. - See Details
So So Bank
SEFCU is a so so bank. Have had an account with them 23 years. Up until a few years ago only Federal Employees could bank there, mostly were military. Now anyone within the state can open an account. They have grown, opened several branches and even built a new Main Bank. They have a hugh employee turn over, you never see the same staff working. There are a few upper level employees that have been around for a while. Not a friendly bank, you don't get that home town feel when you walk in.
They put a 10 day hold on the all checks deposit. I have a couple of other accounts with other banks in the area. I once made a deposit with check funds from one of my other bank accounts and they put a 10 hold on that check! They also posted an automatic draft to my account that was not mine. I could see that maybe a banking staff member might have posted the draft by mistake; but they did not want to fix the problem over the phone they wanted me to come down to the bank and fill out a form. I did get them to email me the form and allow me to fax it in. The form put the blame on everyone but them, that I was certifiying that it was a fraudulent transaction that either someone was using my banking information (stolen) or the merchant was scamming me. It was a small transaction and it was cleared up by the bank within 5 working days.
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 Southeastern Credit Union had $678,000 in non-current loans and owned real-estate with $17.67 million in equity and loan loss allowances on hand to cover it. This gives Southeastern Credit Union a Texas Ratio of 3.84% 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 Southeastern Credit Union decreased dramatically from 7.50% as of March 31, 2013 to 3.84% as of March 31, 2014, resulting in a positive change of 48.84%.This indicates that the balance sheet and financial strength for Southeastern Credit Union has improved dramatically in recent periods.
Deposit Growth
In the past year, Southeastern Credit Union has increased its total deposits by $20.97 million, resulting in 13.16% 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 Southeastern 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. Southeastern Credit Union has $198.96 million in assets with $17.67 million in equity, resulting in a capitalization level of 8.88%, which is average.
Institution Statistics
| Overall | |
|---|---|
| NCUA # | 8947 |
| Year Chartered | 1953 |
| Employees | 68 |
| Primary Regulator |
| Assets and Liabilities | |
|---|---|
| Assets | $198.96 million |
| Loans | $115.37 million |
| Deposits | $180.30 million |
| Equity Capital | $16.38 million |
| Loan Loss Allowance | $1.30 million |
| Unbacked Noncurrent Loans | $613,000 |
| Real Estate Owned | $65,000 |
| Historic Data - March 2013 | |
|---|---|
| Assets | $177.21 million |
| Equity Capital | $15.24 million |
| Loan Loss Allowance | $1.14 million |
| Unbacked Noncurrent Loans | $613,000 |
| Real Estate Owned | $160,000 |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 1.25% |
| Return on Assets | 0.63% |
| Return on Equity | 7.64% |
| Interest Income | $1.75 million |
Always verify rates and promotions with the bank or credit union. We are not Southeastern Credit Union, we are a rate comparison website and can not provide official rates or promotions.
Southeastern Credit Union Savings Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.50% | $10k | - | Health Savings Account | |
| 0.30% | $100 | - | IRA | |
| 0.20% | $100 | - | Share Savings | |
| 0.20% | $100 | - | Business Savings | |
| 0.20% | $100 | - | Club Account |
Southeastern Credit Union Money Market Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.60% | $40k | - | Performance Money Market | |
| 0.40% | $10k | - | Smart Choice Money Market |
Southeastern Credit Union Checking Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.15% | $2,500 | - | Checking | |
| 0.15% | $2,500 | - | Business Checking |
Southeastern Credit Union CD Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.10% | $500 | - | 60 Month CD | |
| 0.95% | $500 | - | 48 Month CD | |
| 0.90% | $500 | - | 36 Month CD | |
| 0.70% | $500 | - | 24 Month CD | |
| 0.50% | $500 | - | 18 Month CD | |
| 0.50% | $500 | - | 30 Month Step-Up CD | |
| 0.45% | $500 | - | 12 Month CD | |
| 0.35% | $500 | - | 181 Day CD | |
| 0.20% | $500 | - | 91 Day CD |
| Southeastern Credit Union Locations | ||
|---|---|---|
| Branch Office | 3669 Inner Perimeter Rd | Valdosta, GA 31602-1048 |
| Branch Office | 2212 Tift Ave N | Tifton, GA 31794 |
| Branch Office | 1514 Baytree Rd | Valdosta, GA 31602 |
| Branch Office | 3501 N Valdosta Rd | Valdosta, GA 31602-1068 |
| Branch Office | 3205 Mitchell Blvd | Moody AFB, GA 31699 |