State Employees’ Credit Union is a North Carolina-based, state chartered credit union, and one of the largest credit unions in the United States. It offers personal banking and loan products, as well as credit card and investment services to its membership, which consists of employees of the state of North Carolina and their employees.
SECU’s personal banking products include checking, savings, Money Market, Certificate, and Individual Retirement accounts. The credit union’s checking account offers a competitive interest rate and comes with a $1 per month maintenance fee that is automatically donated to the SECU Foundation. A debit card, online bill pay, and 50 checks per statement are included for free with the checking account. Education and health savings accounts are available and offer tax incentives on saving money for school and medical costs. SECU’s basic savings account is called a share account and offers a competitive rate of interest and no monthly service charges. The Money Market Share account is similar to the basic share account, but has higher minimum opening deposit and minimum balance requirements. Certificate accounts are available in term lengths ranging from 6 to 60 months and come with fixed interest rates. SECU also provides estate planning, insurance, and investment guidance and planning.
State Employees’ Credit Union online banking provides access to web-based banking services like bill pay, check image viewing, Quicken financial management integration, and transaction history monitoring. SECU has also optimized its website for mobile banking, making it convenient and easy for members to access and manage their accounts via a smartphone or tablet device. The credit union is part of the CashPoint ATM network, which is North Carolina’s largest ATM network.
SECU was founded in 1937 in Raleigh, North Carolina, where its headquarters remain today. The credit union operates hundreds of branches located across the state of North Carolina. Branches offer services like coin sorting, safe deposit boxes, savings bonds, and tax preparation.
State Employees' Credit Union is a member-owned, non-profit cooperative. Membership is limited to persons who meet the eligibility requirements. These are listed on the bank's site but primarily include current and retired state employees and North Carolina National Guard members. - See Details
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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 State Employees' Credit Union (NC) had $260.49 million in non-current loans and owned real-estate with $2.18 billion in equity and loan loss allowances on hand to cover it. This gives State Employees' Credit Union (NC) a Texas Ratio of 11.97% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for State Employees' Credit Union (NC) decreased slightly from 14.25% as of September 30, 2012 to 11.97% as of September 30, 2013, resulting in a positive change of 16.00%.This indicates that the balance sheet and financial strength for State Employees' Credit Union (NC) has improved slightly in recent periods.
In the past year, State Employees' Credit Union (NC) has increased its total deposits by $1.43 billion, resulting in 6.16% 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 State Employees' Credit Union (NC) has shown is excellent.
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. State Employees' Credit Union (NC) has $26.89 billion in assets with $2.18 billion in equity, resulting in a capitalization level of 8.09%, which is average.
|Assets and Liabilities|
|Equity Capital||$1.95 billion|
|Loan Loss Allowance||$224.67 million|
|Unbacked Noncurrent Loans||$229.68 million|
|Real Estate Owned||$30.81 million|
|Historic Data - September 2012|
|Equity Capital||$1.85 billion|
|Loan Loss Allowance||$206.14 million|
|Unbacked Noncurrent Loans||$229.68 million|
|Real Estate Owned||$47.22 million|
|Profit Margin - Quarterly|
|Net Interest Margin||2.7%|
|Return on Assets||0.41%|
|Return on Equity||5.64%|
|Interest Income||$531.77 million|
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|1.51%||$25||-||Coverdell Education Savings Account (CESA)|
|1.51%||-||-||Health Savings (HSA)|
|0.75%||-||-||Holiday Cash Club|
|0.75%||-||-||FAT CAT Share|
|0.25%||-||-||Checking (Share Draft)|
|1.50%||$250||-||48 Month Share Term Certificate|
|1.50%||$250||-||60 Month Share Term Certificate|
|1.25%||$250||-||36 Month Share Term Certificate|
|1.00%||$250||-||6 Month Share Term Certificate|
|1.00%||$250||-||12 Month Share Term Certificate|
|1.00%||$250||-||18 Month Share Term Certificate|
|1.00%||$250||-||24 Month Share Term Certificate|
|1.00%||$250||-||30 Month Share Term Certificate|