Overview / Commentary
Connects Federal Credit Union is headquartered in Richmond and is the 51st largest credit union in the state of Virginia. It is also the 1,900th largest credit union in the nation. It was established in 1950 and as of June of 2021, it had grown to 20 employees and 8,475 members at 2 locations. Connects Federal Credit Union has a B+ health rating.
Field of Membership Restrictions
Connects Federal Credit Union is open to anyone who lives, works, worships, volunteers, or goes to school in the City of Richmond or Henrico, Hanover, or Chesterfield counties.
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Health
B+
Data as of Q2 2021
Learn why bank health mattersAdditional Factors: Institutions with a small asset base, a short operating history, or negative return on assets can represent an instability risk beyond what their financial ratios indicate. Connects Federal Credit Union has a relatively low asset base.
Health Grade Components
| Overall | |
|---|---|
| NCUA # | 6670 |
| Year Chartered | 1950 |
| Employees | 20 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.28% |
| Return on Equity - YTD | 4.08% |
| Annual Interest Income | $1.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2021vs Q2 2020 | $91.4MM$81.6MM |
| Loans | Q2 2021vs Q2 2020 | $36.0MM$31.7MM |
| Deposits | Q2 2021vs Q2 2020 | $85.2MM$75.1MM |
| Equity Capital | Q2 2021vs Q2 2020 | $6.2MM$6.4MM |
| Loan Loss Allowance | Q2 2021vs Q2 2020 | $339.00K$344.00K |
| Unbacked Noncurrent Loans | Q2 2021vs Q2 2020 | $60.00K$219.00K |
| Real Estate Owned | Q2 2021vs Q2 2020 | $0$0 |