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Virginia Beach Schools Credit Union

Based on 1 review
Overview / Commentary
877-482-7328
3701 Bonney Rd
Virginia Beach, VA 23452

Virginia Beach Schools Credit Union is headquartered in Virginia Beach and is the 47th largest credit union in the state of Virginia. It is also the 1,638th largest credit union in the nation. It was established in 1960 and as of December of 2013, it had grown to 35 employees and 9,552 members. Virginia Beach Schools Credit Union has a B+ health rating.

Field of Membership Restrictions

Must be a student or employee of the Virginia Beach City Public School System or several related educational institutions. - See Details

Reviews (1)

VBSFCU Great Customer Service

As a teacher with the city of Virginia Beach, I feel lucky to belong to the credit union. No matter what branch I go to, everyone is helpful and friendly.  When I needed financing for my new car, I checked with VBSFCU and they had some of the most competetive rates. They will periodically send you information about skipping a loan payment during the holidays, etc. This is really helpful during times that you could use a little extra cash! My only complaint is that the website is not a user friendly as it could be. I feel like there are way too many clicks needed to check my balance. However, when I checked my balance the other day, there was a message that said they were making some changes to the site...so hopefully this will no longer be an issue. All in all I enjoy the personal service offered by VBSFCU and would reccommend it to all who are eligible.



Health

Data for Q4 2013

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. Virginia Beach Schools Credit Union has a relatively low asset base.

Texas Ratio

GRADE:
A+

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 Virginia Beach Schools Credit Union had $136,000 in non-current loans and owned real-estate with $6.67 million in equity and loan loss allowances on hand to cover it. This gives Virginia Beach Schools Credit Union a Texas Ratio of 2.04% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
B+

The Texas Ratio for Virginia Beach Schools Credit Union decreased slightly from 2.65% as of December 31, 2012 to 2.04% as of December 31, 2013, resulting in a positive change of 22.92%.This indicates that the balance sheet and financial strength for Virginia Beach Schools Credit Union has improved slightly in recent periods.

Deposit Growth

GRADE:
B+

In the past year, Virginia Beach Schools Credit Union has increased its total deposits by $1.44 million, resulting in 1.86% 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 Virginia Beach Schools 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. Virginia Beach Schools Credit Union has $86.21 million in assets with $6.67 million in equity, resulting in a capitalization level of 7.74%, which is below average.

Institution Statistics

Overall
NCUA #13772
Year Chartered1960
Employees35
Primary Regulator
Assets and Liabilities
Assets$86.21 million
Loans$40.42 million
Deposits$79.14 million
Equity Capital$6.39 million
Loan Loss Allowance$280,000
Unbacked Noncurrent Loans$136,000
Real Estate Owned$0
Historic Data - December 2012
Assets$84.93 million
Equity Capital$6.39 million
Loan Loss Allowance$264,000
Unbacked Noncurrent Loans$136,000
Real Estate Owned$0
Profit Margin - Quarterly
Net Interest Margin5.31%
Return on Assets0.56%
Return on Equity7.49%
Interest Income$3.24 million
Rates
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Virginia Beach Schools Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.11%--Individual Retirement Account
0.10%$100-Prime Share
0.10%--Youth Share
0.06%$200-Holiday Club
0.06%$300-Summer Club

Virginia Beach Schools Credit Union Money Market Rates

DetailsAPYMINMAXPRODUCT
0.29%$50k-SmartChoice Money Market

Virginia Beach Schools Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
0.40%$1k-48 Month Term Share Account
0.35%$1k-36 Month Term Share Account
0.30%$1k-24 Month Term Share Account
0.25%$250-12 Month Youth Term Share Account
0.20%$1k-12 Month Compounded Dividend Term Share Account
0.20%$1k-12 Month 'Paid to Shares' Term Share Account
0.15%$500-12 Month "Builder" Term Share Account
0.10%$1k-6 Month Term Share Account

Virginia Beach Schools Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
0.40%$1k-48 Month Term Share IRA
0.35%$1k-36 Month Term Share IRA
0.30%$1k-24 Month Term Share IRA
0.20%$1k-12 Month Term Share IRA
Locations


Virginia Beach Schools Credit Union Locations
Branch Office3701 Bonney RdVirginia Beach, VA 23452-3405
Branch Office1625 Salem RdVirginia Beach, VA 23456-5495
Branch Office2122 General Booth BlvdVirginia Beach, VA 23454-5804