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Overview / Commentary
800-960-8328
2000 Tongass Ave
Ketchikan, AK 99901-6046

Tongass Credit Union is headquartered in Ketchikan and is the 9th largest credit union in the state of Alaska. It is also the 1,953rd largest credit union in the nation. It was established in 1963 and as of March of 2014, it had grown to 37 employees and 7,099 members. Tongass Credit Union has a B health rating.

Field of Membership Restrictions

The areas included are the Ketchikan Gateway Borough, the Outer Ketchikan/Prince of Wales Census Area, and the Wrangell-Petersburg Census Area. - See Details

Reviews (1)

TFCU Review

I have been a constant and consistent customer of TFCU for over 10 years. They were my first bank that i opened up a savings account, and were also the first back that i opened up a checking acct with a debit card! Their rates are really great, some of the highest i could find on this island! I was skeptical at first of joining a CU, but after the positive interactions i have had with tellers, managers and other folks in the community, i have had no regrets. They treat me like a valued customer, with smiles on their faces. The only thing that i could critique is that they should have a sign outdoors that points toward their ATM, otherwise some people might end up circling the building to find the ATM...not a fun thing to do in the rain!



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. Tongass Credit Union has a relatively 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 Tongass Credit Union had $259,000 in non-current loans and owned real-estate with $6.14 million in equity and loan loss allowances on hand to cover it. This gives Tongass Credit Union a Texas Ratio of 4.22% 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 Tongass Credit Union experienced no significant changes from 1.96% as of March 31, 2013 to 4.22% as of March 31, 2014, resulting in a negative change of 115.06%. This indicates that the balance sheet and financial strength for Tongass Credit Union has had no significant changes in recent periods.

Deposit Growth

GRADE:
B+

In the past year, Tongass Credit Union has increased its total deposits by $1.57 million, resulting in 2.79% 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 Tongass Credit Union has shown is above average.

Capitalization

GRADE:
C-

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. Tongass Credit Union has $67.6 million in assets with $4.54 million in equity, resulting in a capitalization level of 6.71%, which is below average.

Institution Statistics

Overall
NCUA #15523
Year Chartered1963
Employees37
Primary Regulator
Assets and Liabilities
Assets$67.60 million
Loans$38.51 million
Deposits$57.61 million
Equity Capital$4.46 million
Secondary Capital$1.60 million
Loan Loss Allowance$84,000
Unbacked Noncurrent Loans$132,000
Real Estate Owned$127,000
Historic Data - March 2013
Assets$62.43 million
Equity Capital$4.17 million
Loan Loss Allowance$114,000
Unbacked Noncurrent Loans$132,000
Real Estate Owned$20,000
Profit Margin - Quarterly
Net Interest Margin1.36%
Return on Assets0.33%
Return on Equity5.03%
Interest Income$636,000
Rates
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Tongass Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.20%--IRA Share Account
0.20%--Roth IRA Share Account
0.20%--CESA Share Account
0.20%--SEP IRA Share Account
0.10%--Regular Share Savings Account
0.10%--Health Savings Account

Tongass Credit Union Money Market Rates

DetailsAPYMINMAXPRODUCT
0.15%$25k-Money Market Account

Tongass Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
1.20%$500-60 Month Share Certificate
1.10%$500-48 to 59 Month Share Certificate
0.95%$500-36 to 47 Month Share Certificate
0.80%$500-24 to 35 Month Share Certificate
0.55%-$2,5001 Month Savings Builder Certificate
0.55%$500-12 to 23 Month Share Certificate
0.20%$500-180 - 364 Day Share Certificate
0.16%$500-90 - 179 Day Share Certificate

Tongass Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
1.30%--60 Month IRA
1.05%--36 to 59 Month IRA
0.90%--24 to 35 Month IRA
0.65%--12 to 23 Month IRA
Locations


Tongass Credit Union Locations
Branch Office2000 Tongass Ave Island News BuildingKetchikan, AK 99901
Branch Office2000 Tongass AveKetchikan, AK 99901-6046
Branch Office2106 Tongass AveKetchikan, AK 99901
Branch Office2000 Tongass Ave Milton Street MetlakatlaKetchikan, AK 99901
Branch Office2000 Tongass Ave Klawock Heenya MallKetchikan, AK 99901