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Southern Select Community Credit Union

Overview / Commentary
704-934-2300
169 Dale Earnhardt Blvd
Kannapolis, NC 28081

Southern Select Community Credit Union is headquartered in Kannapolis and is the 45th largest credit union in the state of North Carolina. It is also the 2,764th largest credit union in the nation. It was established in 1958 and as of December of 2013, it had grown to 17 employees and 5,612 members. Southern Select Community Credit Union has a B+ health rating.

Field of Membership Restrictions

Joining is easy. To qualify for truly affordable banking services, you need only live, work, worship or attend school in our "community". Our community is defined as anywhere within 50 miles of the Kannapolis office. - See Details

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Health

Data for Q4 2013

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. Southern Select Community Credit Union has a low asset base.

Texas Ratio

GRADE:
A+

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 Southern Select Community Credit Union had $324,000 in non-current loans and owned real-estate with $4.33 million in equity and loan loss allowances on hand to cover it. This gives Southern Select Community Credit Union a Texas Ratio of 7.48% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
A+

The Texas Ratio for Southern Select Community Credit Union decreased dramatically from 31.12% as of December 31, 2012 to 7.48% as of December 31, 2013, resulting in a positive change of 75.95%.This indicates that the balance sheet and financial strength for Southern Select Community Credit Union has improved dramatically in recent periods.

Deposit Growth

GRADE:
B

In the past year, Southern Select Community Credit Union has increased its total deposits by $52,000, resulting in 0.18% 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 Southern Select Community Credit Union has shown is above 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. Southern Select Community Credit Union has $34.24 million in assets with $4.33 million in equity, resulting in a capitalization level of 12.64%, which is excellent.

Institution Statistics

Overall
NCUA #66583
Year Chartered1958
Employees17
Primary Regulator
Assets and Liabilities
Assets$34.24 million
Loans$20.64 million
Deposits$29.59 million
Equity Capital$4.18 million
Loan Loss Allowance$147,000
Unbacked Noncurrent Loans$324,000
Real Estate Owned$0
Historic Data - December 2012
Assets$33.97 million
Equity Capital$4.14 million
Loan Loss Allowance$113,000
Unbacked Noncurrent Loans$324,000
Real Estate Owned$120,000
Profit Margin - Quarterly
Net Interest Margin5.44%
Return on Assets0.14%
Return on Equity1.12%
Interest Income$1.26 million
Rates

Sorry, we do not have rate data for Southern Select Community Credit Union

Locations


Southern Select Community Credit Union Locations
Branch Office169 Dale Earnhardt BlvdKannapolis, NC 28081
Branch Office275 Branchview Dr SEConcord, NC 28025