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Overview / Commentary
360-734-5790
2501 James St
Bellingham, WA 98225-3529

WestEdge Credit Union is headquartered in Bellingham and is the 55th largest credit union in the state of Washington. It is also the 2,228th largest credit union in the nation. It was established in 1952 and as of March of 2014, it had grown to 11 employees and 4,079 members. WestEdge Credit Union has a B+ health rating.

Field of Membership Restrictions

WestEdge Credit Union is proud to proclaim that their membership is open to any persons who live, work, worship, or attends school in Whatcom County, Washinghton. This includes businesses and other legal entities located in Whatcom County, Washinghton. - See Details

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Health

Data for Q1 2014

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. WestEdge Credit Union has a relatively low asset base.

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 WestEdge Credit Union had $110,000 in non-current loans and owned real-estate with $7.4 million in equity and loan loss allowances on hand to cover it. This gives WestEdge Credit Union a Texas Ratio of 1.49% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
A

The Texas Ratio for WestEdge Credit Union decreased dramatically from 2.45% as of March 31, 2013 to 1.49% as of March 31, 2014, resulting in a positive change of 39.44%.This indicates that the balance sheet and financial strength for WestEdge Credit Union has improved dramatically in recent periods.

Deposit Growth

GRADE:
C

In the past year, WestEdge Credit Union has decreased its total deposits by $-526,000, resulting in -1.13% 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 WestEdge Credit Union has shown is 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. WestEdge Credit Union has $53.31 million in assets with $7.4 million in equity, resulting in a capitalization level of 13.88%, which is excellent.

Institution Statistics

Overall
NCUA #8113
Year Chartered1952
Employees11
Primary Regulator
Assets and Liabilities
Assets$53.31 million
Loans$21.04 million
Deposits$45.90 million
Equity Capital$7.24 million
Loan Loss Allowance$163,000
Unbacked Noncurrent Loans$110,000
Real Estate Owned$0
Historic Data - March 2013
Assets$53.90 million
Equity Capital$7.22 million
Loan Loss Allowance$239,000
Unbacked Noncurrent Loans$110,000
Real Estate Owned$0
Profit Margin - Quarterly
Net Interest Margin1.32%
Return on Assets0.24%
Return on Equity1.77%
Interest Income$387,000
Rates
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WestEdge Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.15%--Share Savings Account
0.15%--Packer Share Savings Account
0.15%--Holiday Savings Account
0.15%$50-Sub Savings Account
0.15%--Packer Sub Savings Account
0.15%$25-IRA Share Savings Account
0.15%$25-Roth IRA Share Savings Account
0.15%$25-Coverdell Education Savings Account

WestEdge Credit Union Money Market Rates

DetailsAPYMINMAXPRODUCT
0.25%$50k-Maxi-Fund Money Market Account

WestEdge Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
0.60%$2k-36 Month Share Certificate
0.45%$2k-24 Month Share Certificate
0.35%$2k-18 Month Share Certificate
0.30%$2k-12 Month Share Certificate
0.20%$2k-6 Month Share Certificate

WestEdge Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
0.60%$2k-36 Month IRA Certificate
0.45%$2k-24 Month IRA Certificate
0.35%$2k-18 Month IRA Certificate
0.30%$2k-12 Month IRA Certificate
0.20%$2k-6 Month IRA Certificate
Locations


WestEdge Credit Union Locations
Branch Office2501 James StBellingham, WA 98225-3529