Cobalt Credit Union

Overview / Commentary
7148 Towne Center Pkwy
Papillion, NE 68046

Cobalt Credit Union is headquartered in Papillion and is the largest credit union in the state of Nebraska. It is also the 369th largest credit union in the nation. It was established in 1946 and as of June of 2022, it had grown to 249 employees and 114,569 members at 27 locations. Cobalt Credit Union has an A health rating.

Field of Membership Restrictions

Membership in Cobalt Credit Union is open to those who live, work, attend school, or worship in the Nebraska counties of Cass, Dodge, Douglas, Sarpy, Saunders, or Washington, or the Iowa counties of Carroll, Crawford, Harrison, Ida, Mills, Monona, Pottawattamie, Sac, or Shelby. Employees/retirees of SpartanNash and their immediate family qualify for membership, as do immediate family members of current Cobalt Credit Union members.
See current membership details

Reward Checking Account Changes As Of Apr 1, 2012

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It's not yet on SAC's web site but per an email from them changes are a coming to their reward checking account:


mportant Notice: These Changes will be effective April 1st, 2012

Balance Changes:

SAC FCU's High Yield Checking rate of 3.01% Annual Percentage Yield will be paid on balances up to $15,000 (Currently up to $25,000).  Rate is 0.15% APY on balances over $15,000.  0.10% APY applies to all balances if qualifications are not met.

Qualifications Changes Effective April 1st, 2012:

 - High Yield Checking Accounts opened on or after April 1st, 2012 will require a direct deposit to the account to qualify for the 3.01% APY Interest Rate.  Accounts opened prior to April 1, 2012 do not require direct deposit.
 - Make 12 Debit Card Transactions with net debit card transactions totaling a minimum of $120 per month.  Currently there is not a dollar limit requirement on total debit transactions.  This will apply to both existing and new accounts.
 - Enroll and Receive Electronic Statements (No Change).

SAC Credit Union

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I was in the military for over 20 years, and starting out (in Upper Michigan), it was the nearest bank to where I lived (on a military installation). As such, it was my bank of choice and we've been a member ever since. While the savings and checking accounts were nothing special, the customer service was outstanding. If ever there was a problem, it was immediately resolved with little more effort on my part other than to bring it to their attention. In fact, one situation that comes to mind is: we had gone in to the local branch to transfer some money from savings to checking, and the individual at the bank indicated that the money had been transferred and was available for use. From the bank, we immediately went to the commissary (grocery store on base) and shopped for groceries. Due to some oversight on the part of the bank, the money was not, in fact, available for immediate use, and it resulted in an overdrawn account. Now, this, in the eyes of the military, is "financial irresponsibility", and it is taken very seriously and can have repercussions for a military member. When I went back to the bank and inquired as to what had happened, the readily admitted their mistake and provided me with a letter from the bank manager indicating that it was not an error on my fault so that I would not get in trouble with my superiors.

Extremely Disappointed!

I have belonged to Cobalt Credit Union, which was previously SAC Credit Union, since 1995, when it served only the Offutt AFB community, and military retirees. At that time, it was awesome, and I trusted it with all my financial needs. The staff was extrmely competent, professional and courteous. Then, it opened its doors to anyone with a pulse and built an ostentatious building near 370 and 72nd St. I had the opportunity over a year ago to visit this building while discussing our mortgage. The monsterous building was virtually empty and it took forever to find anyone to discuss our mortgage. The person was finally located, however, she had a rude, laxidasical attitude. This was our first experience with the new staff since it opened its membership to everyone.

We recently decided we had enough with Cobalt and decided to pay off our mortgage. After attempting to handle the issue online, and finally on the phone without success, we decided to visit the facility once again today. Again, the facility was virtually empty. All of the cubicles were empty and the only persons, other that three females conversing in the main lobby, were the Branch Manager and two tellers. The teller and Branch Manager attempted for quite some time to locate someone to help us. While waiting, I purposefully watched the three females engaged in discussion. Uncomfortable, the three finally dispersed and went to their respective areas, two of which were in the empty cubicles. They continued to watch me to see if I continued watching them. Still, 80% of the cubicles remained vacant.

The Branch Manager was finally able to reach someone on the phone who gave her our payoff. We concluded our business there and left. After viewing the lack of stewardship for the funds of the patrons and constructing a monsterous facility that was obviously constructed to demonstrate unneeded opulence, we will be closing all of our accounts and discontinuing any affiliation with Cobalt. This is a sad statement of an organization that faithfully served the Offutt community for so long.

Poor Online Bank Systems

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Online banking is far from user friendly.
Setup an account at the bank and asked the teller how to login. Was told I just needed to register online but now I have to make another trip back to the bank to get some kind of pass code the gal could of gave me when I was there. Not impressed and as soon as the money I deposited is released (7 days of them holding) I am pulling back out and taking to my other bank where I do not have these issues.



Health Grade Components

NCUA #24917
Year Chartered1946
Primary Regulator
Profit Margin
Return on Assets - YTD0.71%
Return on Equity - YTD8.24%
Annual Interest Income$18.5MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$1.19B$1.11B
LoansQ2 2022vs Q2 2021$1.03B$888.9MM
DepositsQ2 2022vs Q2 2021$982.1MM$911.2MM
Equity CapitalQ2 2022vs Q2 2021$101.1MM$99.4MM
Loan Loss AllowanceQ2 2022vs Q2 2021$9.8MM$9.9MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$1.8MM$1.5MM
Real Estate OwnedQ2 2022vs Q2 2021$0$0

Rates for Cobalt Credit Union are currently being reviewed.



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