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Overview / Commentary
814-456-6231
2154 E Lake Rd
Erie, PA 16511-1140

Widget Financial is headquartered in Erie and is the 25th largest credit union in the state of Pennsylvania. It is also the 766th largest credit union in the nation. It was established in 1936 and as of March of 2014, it had grown to 94 employees and 31,648 members. Widget Financial has a B+ health rating.

Field of Membership Restrictions

If you live, work, worship, volunteer, or attend school or regularly conduct business in Erie or Crawford counties, you can belong! - See Details

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Reviews (1)

Worst People Do Deal With

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.



Health

Data for Q1 2014

Institution Health

B+

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 Widget Financial had $540,000 in non-current loans and owned real-estate with $23.43 million in equity and loan loss allowances on hand to cover it. This gives Widget Financial a Texas Ratio of 2.30% 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 Widget Financial decreased slightly from 2.75% as of March 31, 2013 to 2.30% as of March 31, 2014, resulting in a positive change of 16.09%.This indicates that the balance sheet and financial strength for Widget Financial has improved slightly in recent periods.

Deposit Growth

GRADE:
C

In the past year, Widget Financial has decreased its total deposits by -$2.69 million, resulting in -1.11% 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 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. Widget Financial has $264.37 million in assets with $23.43 million in equity, resulting in a capitalization level of 8.86%, which is average.

Institution Statistics

Overall
NCUA #1117
Year Chartered1936
Employees94
Primary Regulator
Assets and Liabilities
Assets$264.37 million
Loans$149.37 million
Deposits$239.24 million
Equity Capital$23.07 million
Loan Loss Allowance$360,000
Unbacked Noncurrent Loans$540,000
Real Estate Owned$0
Historic Data - March 2013
Assets$267.56 million
Equity Capital$23.56 million
Loan Loss Allowance$362,000
Unbacked Noncurrent Loans$540,000
Real Estate Owned$0
Profit Margin - Quarterly
Return on Assets0.36%
Return on Equity4.14%
Interest Income$2.21 million
Rates

Always verify rates and promotions with the bank or credit union. We are not Widget Financial, we are a rate comparison website and can not provide official rates or promotions.

Widget Financial Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.10%$100-Share Savings
0.10%--Holiday Club
0.10%--Vacation Club
0.10%--Special Savings

Widget Financial Money Market Rates

DetailsAPYMINMAXPRODUCT
0.45%$100k-Money Market

Widget Financial Checking Account Rates

DetailsAPYMINMAXPRODUCT
3.04%$1k$25kHD Checking - Qualifying
1.01%-$1kInSight Checking - Qualifyiing
0.10%$1k-Experience Checking (Age 50+)

Widget Financial CD Rates

DetailsAPYMINMAXPRODUCT
1.87%$125k-60 Month Share Certificate
1.51%$125k-48 Month Share Certificate
1.31%$125k-36 Month Share Certificate
1.06%$125k-30 Month Share Certificate
1.00%$1k-13 Month Share Certificate
0.95%$125k-24 Month Share Certificate
0.85%$125k-18 Month Share Certificate
0.80%$125k-15 Month Share Certificate
0.75%$125k-12 Month Share Certificate
0.65%$125k-8 Month Share Certificate
0.65%$125k-9 Month Share Certificate
0.65%$125k-10 Month Share Certificate
0.65%$125k-11 Month Share Certificate
0.60%$125k-6 Month Share Certificate
0.60%$125k-7 Month Share Certificate

Widget Financial IRA Rates

DetailsAPYMINMAXPRODUCT
1.87%$125k-60 Month IRA
1.51%$125k-48 Month IRA
1.31%$125k-36 Month IRA
1.06%$125k-30 Month IRA
1.00%$1k-13 Month IRA
0.95%$125k-24 Month IRA
0.85%$125k-18 Month IRA
0.80%$125k-15 Month IRA
0.75%$125k-12 Month IRA
0.65%$125k-8 Month IRA
0.65%$125k-9 Month IRA
0.65%$125k-10 Month IRA
0.65%$125k-11 Month IRA
0.60%$125k-6 Month IRA
0.60%$125k-7 Month IRA
Locations


Widget Financial Locations
Branch Office2154 E Lake RdErie, PA 16511-1140
Branch Office1029 Pittsburgh AveErie, PA 16505
Branch Office1623 E 38th StErie, PA 16510-3409
Branch Office1595 W 26th StErie, PA 16508-1367
Branch Office5 Grant StNorth East, PA 16428-1526
Branch Office4268 Buffalo RdErie, PA 16510-2112