Towpath Credit Union is headquartered in Fairlawn and is the 55th largest credit union in the state of Ohio. It is also the 1,364th largest credit union in the nation. It was established in 1899 and as of December of 2013, it had grown to 39 employees and 21,142 members. Towpath Credit Union has a A health rating.
Field of Membership Restrictions
If you live, work, worship or attend school in one of the following communities: Akron Fairlawn Cuyahoga Falls Bath Township Copley Township Richfield Township If an immediate family member is a current member, including: Parent Grandparent Step-parent Son or Daughter Step-child Step-sibling Legal Spouse Aunt or Uncle Niece or Nephew Sister or Brother Mother or Father-in-law Brother or Sister-in-law If your employer is a member of any Summit County Board of Trade. If you are employed by one of the Select Employer Groups. - See Details
Data for Q4 2013
Institution Health
Texas Ratio
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 Towpath Credit Union had $648,000 in non-current loans and owned real-estate with $13.26 million in equity and loan loss allowances on hand to cover it. This gives Towpath Credit Union a Texas Ratio of 4.89% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend
The Texas Ratio for Towpath Credit Union experienced no significant changes from 4.63% as of December 31, 2012 to 4.89% as of December 31, 2013, resulting in a negative change of 5.52%. This indicates that the balance sheet and financial strength for Towpath Credit Union has had no significant changes in recent periods.
Deposit Growth
In the past year, Towpath Credit Union has decreased its total deposits by $-769,000, resulting in -0.76% 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 Towpath Credit Union has shown is average.
Capitalization
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. Towpath Credit Union has $113.9 million in assets with $13.26 million in equity, resulting in a capitalization level of 11.64%, which is excellent.
Institution Statistics
| Overall | |
|---|---|
| NCUA # | 96658 |
| Year Chartered | 1899 |
| Employees | 39 |
| Primary Regulator |
| Assets and Liabilities | |
|---|---|
| Assets | $113.90 million |
| Loans | $50.67 million |
| Deposits | $100.26 million |
| Equity Capital | $12.96 million |
| Loan Loss Allowance | $301,000 |
| Unbacked Noncurrent Loans | $588,000 |
| Real Estate Owned | $60,000 |
| Historic Data - December 2012 | |
|---|---|
| Assets | $114.24 million |
| Equity Capital | $12.54 million |
| Loan Loss Allowance | $313,000 |
| Unbacked Noncurrent Loans | $588,000 |
| Real Estate Owned | $60,000 |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 5.4% |
| Return on Assets | 0.37% |
| Return on Equity | 3.28% |
| Interest Income | $3.57 million |
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Towpath Credit Union Savings Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.20% | - | - | IRA Savings | |
| 0.05% | - | - | Share/Savings | |
| 0.05% | - | - | Club Accounts |
Towpath Credit Union Money Market Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.10% | - | - | Money Market Share Draft |
Towpath Credit Union Checking Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.05% | - | - | Preferred Checking |
Towpath Credit Union CD Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.60% | $500 | - | 3 Year CD | |
| 0.50% | $500 | - | 2 Year CD | |
| 0.20% | $500 | - | 1 Year CD | |
| 0.20% | $100 | - | 1 Year Youth CD | |
| 0.20% | $1k | - | 1 Year Mini Jumbo CD | |
| 0.15% | $500 | - | 6 Month CD | |
| 0.10% | $500 | - | 3 Month CD |
Towpath Credit Union IRA Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.60% | $500 | - | 3 Year IRA | |
| 0.50% | $500 | - | 2 Year IRA | |
| 0.20% | $500 | - | 1 Year IRA |
| Towpath Credit Union Locations | ||
|---|---|---|
| Branch Office | 2500 N Turkeyfoot Rd | Akron, OH 44319 |
| Branch Office | 645 N Main St | Akron, OH 44310 |
| Branch Office | 2969 Smith Rd | Fairlawn, OH 44333 |