1 star ratingAverage User Rating:
1 star rating based on 1 review.

Widget Financial

Widget Financial Locations
2154 East Lake Road
Erie, PA 16511
(814) 456-6231
www.widgetfinancial.com

NCUA


Widget Financial is headquartered in Erie and is the 25th largest credit union in the state of Pennsylvania. It is also the 748th largest credit union in the nation. It was established in 1936 and as of December of 2012, it had grown to 96 employees and 31,428 members. Widget Financial has a 5-star health rating.

Related Posts

Free Checking Account Bonus at Widget Financial Credit Union in PA - 5/13/2013

Widget Financial Credit Union (formerly Erie General Electric Credit Union) is offering a $77 bonus for opening a new free checking account. Unfortunately, the credit union’s reward checking account ( ...

Name Change For EGEFCU (Forum) - 5/11/2013

From Erie GE FCU to Widget Financial. https://www.widgetfinancial.com/  HD checking rate/limit remains the same: (3.04%, $25K). $77 promotional offer for new free checking account (fine print not that readable).

Erie GE FCU Subtly Increased Their HD Checking... (Forum) - 1/3/2013

... average daily minimum requirement from $500 to $1,000.  The rate (3.04%, $25K) stays the same.

Erie GE FCU Reduced Their HD Checking Rate... (Forum) - 3/31/2012

from (3.56%, $25K) to (3.04%, $25K).  Ken just highlighted this RCA this week http://www.depositaccounts.com/blog/2012/03/top-reward-checking-accounts-at-credit-unions.html... Time to do account hopping... again!

2012

2011

2008



We are currently reviewing the rates for Widget Financial for accuracy. Please check back in a few hours.

Data for Q4 2012


Institution Statistics


ERIE GENERAL ELECTRIC FCU
NCUA #1117
BankRate ReportView
Year Chartered1936
Employees96
Primary Regulator

Assets and Liabilities

Assets$255.54 million
Loans$140.02 million
Deposits$230.40 million
Equity Capital$23.62 million
Loan Loss Allowance$359,000
Unbacked Noncurrent Loans$770,000

Historic Data - December 2011

Assets$242.02 million
Equity Capital$22.33 million
Loan Loss Allowance$485,000
Unbacked Noncurrent Loans$726,000
Real Estate Owned$177,000

Profit Margin - Quarterly

Net Interest Margin4.54%
Return on Assets0.54%
Return on Equity5.79%
Interest Income$9.09 million
Non-Interest Income$4.36 million

Institution Health


Overall Score:
5 out of 5
5
Texas Ratio5
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, 2012 Widget Financial had $770,000 in non-current loans and owned real-estate with $23.98 million in equity and loan loss allowances on hand to cover it. This gives Widget Financial a Texas Ratio of 3.21% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend4
The Texas Ratio for Widget Financial decreased slightly from 3.96% as of December 31, 2011 to 3.21% as of December 31, 2012, resulting in a positive change of 18.87%.This indicates that the balance sheet and financial strength for Widget Financial has improved slightly in recent periods.
Deposit Growth5
In the past year, Widget Financial has increased its total deposits by $12.34 million, resulting in 5.66% 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 Widget Financial has shown is excellent.
Capitalization3
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. Widget Financial has $255.54 million in assets with $23.98 million in equity, resulting in a capitalization level of 9.38%, which is average.
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Worst People Do Deal With
1 stars - laurateng - Friday, January 28, 2011 - 5:08 PM

I tried to open an account with them and transferred $525 as my opening deposit. The money was transferred to them right away, but the next day I got an email from them saying they could not open the account for me. I politely asked them to return the $525 to me. They said that they would. A week later, I still haven't received the check in the mail, so I got a hold of them and found that they never processed the refund of the $525. I asked them to transfer back the $525 via ACH and was told, "We have never done that before and do not know if we can do that." ARE YOU KIDDING ME??? you are a bank and you don't know how to perform an ACH transaction???

Anyways, this bank makes it so easy to receive funds but impossible for you to get a refund. Should avoid this bank at all cost.

5