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Overview / Commentary
989-759-5780
1837 Bagley Street
Saginaw, MI 48601

Wanigas Credit Union is headquartered in Saginaw and is the 39th largest credit union in the state of Michigan. It is also the 720th largest credit union in the nation. It was established in 1952 and as of March of 2014, it had grown to 72 employees and 25,540 members. Wanigas Credit Union's money market rates are 14% higher than the national average, and it boasts a A+ health rating.

Field of Membership Restrictions

Must live, work, worship or attend school in Bay, Clare, Gladwin, Gratiot, Isabella, Midland, Osceola, Saginaw or Tuscola County. - See Details

Reviews (1)

Loans Ranking For This Credit Union

Money must be very tight at this credit union because they often turn down loans, even though a credit score over 725 isn't good enough at times. I have been rejected 2 times having a score of 735 sending me to a commercial bank for the loan I wanted for which they accepted me. Kind of makes you wonder who runs this credit union.



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 Wanigas Credit Union had $1.28 million in non-current loans and owned real-estate with $35.6 million in equity and loan loss allowances on hand to cover it. This gives Wanigas Credit Union a Texas Ratio of 3.60% 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 Wanigas Credit Union experienced no significant changes from 3.04% as of March 31, 2013 to 3.60% as of March 31, 2014, resulting in a negative change of 18.10%. This indicates that the balance sheet and financial strength for Wanigas Credit Union has had no significant changes in recent periods.

Deposit Growth

GRADE:
B+

In the past year, Wanigas Credit Union has increased its total deposits by $6.67 million, resulting in 2.77% 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 Wanigas Credit Union has shown is above average.

Capitalization

GRADE:
A+

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. Wanigas Credit Union has $286.69 million in assets with $35.6 million in equity, resulting in a capitalization level of 12.42%, which is excellent.

Institution Statistics

Overall
NCUA #68578
Year Chartered1952
Employees72
Primary Regulator
Assets and Liabilities
Assets$286.69 million
Loans$186.53 million
Deposits$247.86 million
Equity Capital$34.25 million
Loan Loss Allowance$1.35 million
Unbacked Noncurrent Loans$1.17 million
Real Estate Owned$111,000
Historic Data - March 2013
Assets$276.81 million
Equity Capital$32.19 million
Loan Loss Allowance$1.45 million
Unbacked Noncurrent Loans$1.17 million
Real Estate Owned$235,000
Profit Margin - Quarterly
Net Interest Margin1.19%
Return on Assets1.15%
Return on Equity9.62%
Interest Income$2.68 million
Rates
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Wanigas Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.40%--IRA Savings
0.40%--Roth IRA Savings
0.40%--CESA Savings
0.25%$50k-Variable Passbook Savings
0.10%--Regular Passbook Savings

Wanigas Credit Union Money Market Rates

DetailsAPYMINMAXPRODUCT
0.50%$200k-Power Saver MMA
0.25%$50k-Money Market Cash Management

Wanigas Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
1.16%$500-48 Month CD
0.75%$500-36 Month CD
0.55%$500-24 Month CD
0.40%$500-12 Month CD
0.35%$500-6 Month CD
0.20%$500-3 Month CD

Wanigas Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
1.16%$500-4 Year IRA
0.80%$500-3 Year IRA
0.55%$500-2 Year IRA
0.45%$500-1 Year IRA
Locations


Wanigas Credit Union Locations
Branch Office1837 Bagley StSaginaw, MI 48601-3107
Branch Office4026 Shattuck RdSaginaw, MI 48603-3075
Branch Office4129 N Euclid AveBay City, MI 48706
Branch Office9030 Gratiot RdSaginaw, MI 48609