Visions Federal Credit Union is a community credit union owned completely by its members. It offers the latest in Internet banking technology to flexibly meet its members’ needs. The credit union features a range of personal and business banking products and services.
On its Personal Banking side, Visions FCU offers depository and loan products and services to serve its members. Its makes one checking account available with no monthly fee, with other checking account offers having monthly service fees unless certain conditions are met. Visions FCU has developed savings accounts that give members various opportunities to save money for different purposes. One savings account offers a special rate of interest if conditions are met. Money Market accounts are available as well as Share and IRA Certificates, which vary in term lengths from 91 days to 5 years. The credit union also offers an investment team to guide members in areas like trust and estate planning, general financial planning, and insurance coverage.
Visions Federal Credit Union online banking provides members with various functions as to how they manage their accounts. Bill Pay, mobile banking apps, check orders, and e-notices are a few of the services provided by Visions Internet platform. The credit union’s smartphone app allows members to check account balances, transfer funds, pay bills, and locate ATMs or branch locations.
Visions FCU is headquartered in Endwell, New York, was chartered in 1966 and insured in 1971. Since that time the credit union has grown its membership to hundreds of thousands and its overall assets to billions.
Membership is open to: (1) New York Residents - If you live, work, attend school, or regularly conduct business in Broome, Chenango, Tioga, Chemung*, Schuyler*, or Rockland* Counties, or the Cities of Rochester* or Syracuse; (2) Pennsylvannia Residents - If you live, work, attend school, or regularly conduct business in Bradford County; portions of Westmoreland* or North Fayette* Counties; portions of the Cities of Allentown*, Bethlehem*, or Easton*; or if you are an employee or an immediate family member of employers of a Susquehanna County, PA company listed on the eligible groups; and (3) New Jersey Residents - If you live, work, attend school, or regularly conduct business in Bergen or Passaic Counties; or portions of Essex*, Hundson*, or Union* Counties. *some restrictions apply - See Details
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 September 30, 2013 Visions Federal Credit Union had $25.56 million in non-current loans and owned real-estate with $402 million in equity and loan loss allowances on hand to cover it. This gives Visions Federal Credit Union a Texas Ratio of 6.36% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Visions Federal Credit Union decreased dramatically from 10.01% as of September 30, 2012 to 6.36% as of September 30, 2013, resulting in a positive change of 36.52%.This indicates that the balance sheet and financial strength for Visions Federal Credit Union has improved dramatically in recent periods.
In the past year, Visions Federal Credit Union has increased its total deposits by $48.18 million, resulting in 1.8% 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 Visions Federal Credit Union has shown is above average.
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. Visions Federal Credit Union has $3.12 billion in assets with $402 million in equity, resulting in a capitalization level of 12.88%, which is excellent.
|Assets and Liabilities|
|Equity Capital||$380.19 million|
|Loan Loss Allowance||$21.82 million|
|Unbacked Noncurrent Loans||$24.06 million|
|Real Estate Owned||$1.50 million|
|Historic Data - September 2012|
|Equity Capital||$360.14 million|
|Loan Loss Allowance||$21.00 million|
|Unbacked Noncurrent Loans||$24.06 million|
|Real Estate Owned||$1.74 million|
|Profit Margin - Quarterly|
|Net Interest Margin||2.57%|
|Return on Assets||0.91%|
|Return on Equity||7.48%|
|Interest Income||$65.46 million|
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