Tower Credit Union is headquartered in Laurel and is the 2nd largest credit union in the state of Maryland. It is also the 50th largest credit union in the nation. It was established in 1953 and as of March of 2014, it had grown to 394 employees and 132,607 members. Tower Credit Union has a A health rating.
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In daily banking activities, we (wife & I) are pleased with credit union service and quality. We have had same experience through small loans (car), but have found more competetive rates and loans offerred through local community banks
Excellent service, no fees to have an account, and low fees for everything else. I've been a member for almost ten years, and haven't had a single complaint. The tellers are very friendly, and managers have been quick to resolve any clerical issues. This is the way banking should be.
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 Tower Credit Union had $12.21 million in non-current loans and owned real-estate with $285.47 million in equity and loan loss allowances on hand to cover it. This gives Tower Credit Union a Texas Ratio of 4.28% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Tower Credit Union experienced no significant changes from 3.85% as of March 31, 2013 to 4.28% as of March 31, 2014, resulting in a negative change of 11.13%. This indicates that the balance sheet and financial strength for Tower Credit Union has had no significant changes in recent periods.
In the past year, Tower Credit Union has increased its total deposits by $89.78 million, resulting in 4.11% 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 Tower Credit Union 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. Tower Credit Union has $2.72 billion in assets with $285.47 million in equity, resulting in a capitalization level of 10.49%, which is above average.
|Assets and Liabilities|
|Equity Capital||$278.05 million|
|Loan Loss Allowance||$7.42 million|
|Unbacked Noncurrent Loans||$11.21 million|
|Real Estate Owned||$996,000|
|Historic Data - March 2013|
|Equity Capital||$256.61 million|
|Loan Loss Allowance||$8.32 million|
|Unbacked Noncurrent Loans||$11.21 million|
|Real Estate Owned||$0|
|Profit Margin - Quarterly|
|Net Interest Margin||0.99%|
|Return on Assets||0.18%|
|Return on Equity||1.81%|
|Interest Income||$13.95 million|
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|0.18%||-||-||Prime Share Account|
|0.18%||-||-||Holiday Club Account|
|0.18%||-||-||You Name It Club Account|
|0.18%||-||-||Roth IRA Club Account|
|0.18%||-||-||IRA Club Account|
|0.20%||$2,500||-||Money Market Account|
|0.05%||-||-||Regular Checking Account|
|0.05%||-||-||Request Checking Account|
|0.95%||$500||-||5 Year Regular Share Certificate|
|0.95%||$20k||-||5 Year Mini-Jumbo Share Certificate|
|0.70%||$500||-||4 Year Regular Share Certificate|
|0.70%||$5k||-||5 Year Bump-Up Share Certificate|
|0.70%||$20k||-||4 Year Mini-Jumbo Share Certificate|
|0.55%||$500||-||3 Year Regular Share Certificate|
|0.45%||$5k||-||4 Year Bump-Up Share Certificate|
|0.35%||$500||-||2 Year Regular Share Certificate|
|0.25%||$500||-||1 Year Regular Share Certificate|
|0.25%||$100k||-||274-365 Day Jumbo Share Certificate|
|0.20%||$100k||-||183-273 Day Jumbo Share Certificate|
|0.15%||$500||-||6 Month Regular Share Certificate|
|0.15%||$100k||-||91-182 Day Jumbo Share Certificate|
|0.10%||$100k||-||30-90 Day Jumbo Share Certificate|
|0.95%||$500||-||5 Year Regular IRA Share Certificate|
|0.95%||$20k||-||5 Year Mini-Jumbo IRA Share Certificate|
|0.70%||$500||-||4 Year Regular IRA Share Certificate|
|0.70%||$5k||-||5 Year Bump-Up IRA Share Certificate|
|0.70%||$20k||-||4 Year Mini-Jumbo IRA Share Certificate|
|0.55%||$500||-||3 Year Regular IRA Share Certificate|
|0.45%||$5k||-||4 Year Bump-Up IRA Share Certificate|
|0.35%||$500||-||2 Year Regular IRA Share Certificate|
|0.25%||$500||-||1 Year Regular IRA Share Certificate|