Citadel is headquartered in Exton and is the 4th largest credit union in the state of Pennsylvania. It is also the 65th largest credit union in the nation. It was established in 1937 and as of September of 2018, it had grown to 457 employees and 205,484 members at 24 locations. Citadel has an A health rating.
Citadel membership is open to those who reside, worship, attend school or work in the following counties of Pennsylvania: Chester, Bucks, Delaware, Montgomery, Philadelphia or Lancaster. Eligibility can also be extended to family or household individuals.
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My experience with Citadel has been overwhelmingly positive. I've had a checking and savings account with them for years, and have never been unsatisfied. They do not have hidden charges or fees, and are always extremely kind when I need to go into a branch office. Their mobile app is very helpful and lets me deposit checks by taking a picture of them on my phone! I'd highly recommend this FCU.
I have banked with Citadel off and on for ten or more years and find that they are only an "OK" financial institution. The benefits of banking at Citadel is that they require that you keep a minimum of only $5 in your savings account. Compared to other financial institutions that is definitely a plus. Their customer service is friendly and they are able to explain charges you incur well. One of my gripes about Citadel is that often they don't tell you up front what charges to expect at what particular time. When you look at your statement and find a negative balance due to charges you did not know you were incurring makes you feel like you have to always check up on them, always read the fine print and then confirm it with them in person to make sure you know what is going on.
Another complaint I have with Citadel is with their online banking system. Every time I log in I must get a security code, either emailed to me or sent to me by phone just to be able to log in. After I log in, I check the box to register the computer, expecting that the next time I won't need to get a security code; however every time I log in the Citadel I must get the security code. I have accounts with other banks, one of which is an online bank. The only reason I maintain the account with Citadel is that there are times when I need to deposit cash which I can't do easily with an online bank.
If it were not for the low minimum balance I can keep and the fact that they are a brick and mortar bank, I probably would not bank with them. As it is now, I use Citadel as a conduit to transfer cash to my online bank account.
|Return on Assets - YTD||0.97%|
|Return on Equity - YTD||10.35%|
|Annual Interest Income||$90.1MM|
|Assets and Liabilities|
|Assets||Q3 2018vs Q3 2017||$3.27B$2.99B|
|Loans||Q3 2018vs Q3 2017||$2.97B$2.67B|
|Deposits||Q3 2018vs Q3 2017||$2.65B$2.49B|
|Equity Capital||Q3 2018vs Q3 2017||$310.0MM$280.1MM|
|Loan Loss Allowance||Q3 2018vs Q3 2017||$12.0MM$10.1MM|
|Unbacked Noncurrent Loans||Q3 2018vs Q3 2017||$9.6MM$9.1MM|
|Real Estate Owned||Q3 2018vs Q3 2017||$109.00K$400.00K|
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Rates for Citadel are currently being reviewed.