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Overview / Commentary
800-787-8328
7901 Sandy Spring Rd
Laurel, MD 20707

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.

Field of Membership Restrictions

Must be an employee or member of one of the several businesses and associations. - See Details

Reviews (2)

tfcu review

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

I like it

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.



Health

Data for Q1 2014

Institution Health

A

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 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.

Texas Ratio Trend

GRADE:
C+

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.

Deposit Growth

GRADE:
A

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.

Capitalization

GRADE:
B+

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.

Institution Statistics

Overall
NCUA #8333
Year Chartered1953
Employees394
Primary Regulator
Assets and Liabilities
Assets$2.72 billion
Loans$1.14 billion
Deposits$2.27 billion
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
Assets$2.65 billion
Equity Capital$256.61 million
Loan Loss Allowance$8.32 million
Unbacked Noncurrent Loans$11.21 million
Real Estate Owned$0
Profit Margin - Quarterly
Return on Assets0.18%
Return on Equity1.81%
Interest Income$13.95 million
Rates

Always verify rates and promotions with the bank or credit union. We are not Tower Credit Union, we are a rate comparison website and can not provide official rates or promotions.

Tower Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
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

Tower Credit Union Money Market Rates

DetailsAPYMINMAXPRODUCT
0.20%$2,500-Money Market Account

Tower Credit Union Checking Account Rates

DetailsAPYMINMAXPRODUCT
0.05%--Regular Checking Account
0.05%--Request Checking Account

Tower Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
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

Tower Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
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
Locations

Tower Credit Union has 17 locations. Click to view all Tower Credit Union locations.