Verity Credit Union is headquartered in Seattle and is the 20th largest credit union in the state of Washington. It is also the 506th largest credit union in the nation. It was established in 1933 and as of March of 2014, it had grown to 124 employees and 27,010 members. Verity Credit Union has a A health rating.
Membership is open to: (1) anyone who lives, works, worships or goes to school in any county within Washington state; to (2) family members of an existing member; and to (3) any member or employee of one of Verity Credit Union's Select Employee Groups. Small business owners can also join if your small business is located in Washington State. Corporations can join as long as the stock in your company is not publicly traded and over 50% of the owners are eligible for personal membership. - See Details
I love Verity Credit Union. I could get a slightly higher interest rate opening an account online with some nation-wide bank and never seeing a branch in person, but Verity's customer service is worth the slightly lower interest rate.
The first time I walked into a branch to make a deposit, I spent a long time looking for deposit slips to fill out. I finally went to the teller to ask for one, and he just replied "we don't use those" and proceeded to ask my name and take my deposit. No need to carry a card with my account number, or fill out useless paperwork. It's a great example of thinking out of the traditional brick and motor box to make the customer experience better.
Another similar experience was one time when I walked in to get coin rolls to roll up all my loose change before depositing it. He then pointed out a machine over in the corner where I can dump all of my loose change and it will automatically count it and deposit it into my account, with no fees. Once again I was surprised at the effort they put out to make my banking experience better.
I have never experienced such a nice bank before coming to Verity Credit Union, and it's made me a very loyal customer to them.
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 Verity Credit Union had $2.13 million in non-current loans and owned real-estate with $41.6 million in equity and loan loss allowances on hand to cover it. This gives Verity Credit Union a Texas Ratio of 5.12% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Verity Credit Union decreased dramatically from 11.28% as of March 31, 2013 to 5.12% as of March 31, 2014, resulting in a positive change of 54.59%.This indicates that the balance sheet and financial strength for Verity Credit Union has improved dramatically in recent periods.
In the past year, Verity Credit Union has increased its total deposits by $16.56 million, resulting in 4.78% 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 Verity 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. Verity Credit Union has $438.06 million in assets with $41.6 million in equity, resulting in a capitalization level of 9.50%, which is average.
|Assets and Liabilities|
|Equity Capital||$38.20 million|
|Loan Loss Allowance||$3.39 million|
|Unbacked Noncurrent Loans||$2.13 million|
|Real Estate Owned||$0|
|Historic Data - March 2013|
|Equity Capital||$34.94 million|
|Loan Loss Allowance||$6.33 million|
|Unbacked Noncurrent Loans||$2.13 million|
|Real Estate Owned||$1.33 million|
|Profit Margin - Quarterly|
|Net Interest Margin||1.14%|
|Return on Assets||1.17%|
|Return on Equity||13.46%|
|Interest Income||$4.20 million|
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|0.25%||$20k||-||Variable IRA Share Account|
|0.25%||$20k||-||Variable Roth IRA Share Account|
|0.25%||$20k||-||Variable Education IRA Share Account|
|0.30%||$100k||-||Premium Money Market|
|0.30%||$100k||-||Business Premium Money Market|
|0.15%||$50k||-||Business Money Market|
|1.05%||-||$10k||Cartwheel Checking - Qualifying|
|0.45%||$50k||-||Business Interest Checking|
|0.05%||-||-||Cartwheel Checking - Non Qualifying|
|1.20%||$75k||-||60 Month Share Certificates|
|0.80%||$75k||-||36 Month Share Certificates|
|0.60%||$75k||-||24 Month Share Certificates|
|0.45%||$75k||-||12 Month Share Certificates|
|0.35%||$75k||-||6 Months Share Certificates|
|0.35%||$100||-||12 Month Savers Certificate|
|0.30%||$75k||-||90 Days Share Certificates|
|0.30%||$75k||-||Business 30 Day CD|
|0.25%||$100||-||6 Months Savers Certificate|
|1.20%||$75k||-||60 Month IRA Certificate|
|0.80%||$75k||-||36 Month IRA Certificate|
|0.60%||$75k||-||24 Month IRA Certificate|
|0.53%||$75k||-||18 Month IRA Certificate|
|0.45%||$75k||-||12 Month IRA Certificate|
|0.45%||$75k||-||12 Month Education IRA|
|Verity Credit Union Locations|
|Branch Office||1660 S Columbian Way Bldg 35||Seattle, WA 98108-1532|
|Branch Office||11027 Meridian Ave N Ste 101||Seattle, WA 98133|
|Branch Office||1424 Supermall Way # 200||Auburn, WA 98001-6527|
|Branch Office||915 2nd Ave Ste 290||Seattle, WA 98174-1064|
|Branch Office||4545 Stone Way N||Seattle, WA 98103-6647|
|Branch Office||11027 Meridian Ave N||Seattle, WA 98133|
|Branch Office||18530 33rd Ave W||Lynnwood, WA 98037|