Cyprus Credit Union is headquartered in West Jordan and is the 6th largest credit union in the state of Utah. It is also the 274th largest credit union in the nation. It was established in 1935 and as of March of 2024, it had grown to 401 employees and 136,411 members at 19 locations. Cyprus Credit Union has an A health rating.
Field of Membership Restrictions
Membership in Cyprus Credit Union is open to anyone living in Utah through a one-time membership fee of $5 to the Community Recreation Association. Membership is also open to residents of Salt Lake County, family of existing members, and employees of Morton Salt International, St. Mark’s Hospital, and other local select employer groups.
See current membership details
Related Posts
7/16 - Cyprus Credit Union (UT) Adds 36-Month Bump CD
2/20 - Cyprus Credit Union (UT) Adds 60-Month CD Special
9/30/16 - Cyprus CU (UT) Offers 60-Month CD and Dream CD
12/9/08 - 4.25% 12-Month CD at Cyprus Credit Union in Utah
10/20/07 - 5.65% 60-Month / 5.50% 36-Month CD at a Utah CU (Cyprus)
5/25/07 - 5.85% 12-Month / 6.15% 60-Month CD at a Utah CU (Pacific Rails)
1/4/07 - 5.90% 12-Month CD at a Utah CU - and Other High Rates (Pacific Rails)
1/1/07 - 5.70% 18-Month CD at a Utah CU (Cyprus)
Very Difficult To Get Money Out Of Credit Union
Cyprus loves to take your money. We had over a $100,000 there. Five years later when we tried to move our money it was a complete joke. We have money in 12 different credit unions, and we move money around all the time. This was one of the most difficult credit unions to remove money from. They did not know how to wire transfer money. We had to take some of our money to another credit union in Utah , Mountain America, and wire transfer it from there. Mountain America had no problem doing so and knew how to do it. The Cyprus main branch shredded our Fidelity Roth IRA request. We were doing what Cyprus told us to do! The only way we found out is when I called asking why the Roth IRA money had not been sent to Fidelity. After two weeks we still do not have all our money out. I called the Vice-President of Cyprus and of course she never called back!
Denied Loan - Asking For Info
I had a very disappointing experience with Kim Tolman at Cyprus Credit Union. I was initially introduced to Kim through the Goldman Sachs 10K SB program, expecting a high level of expertise and support. However, when seeking help with a loan and trying to understand my Debt Service Coverage Ratio (DSCR), the responses I received were confusing and not helpful. The underwriter's feedback, relayed through Kim, was full of discrepancies and left me with more questions than answers.
I was given conflicting information about my income calculations, which made it impossible to figure out what I needed to work on. Even after pointing out the inconsistencies, the underwriter was unable or unwilling to provide any further clarification. Instead, I was given vague advice to just pay down as much debt as possible, which was not practical or actionable.
Kim's communication was prompt, but the lack of clear and consistent information from the underwriter made the entire process frustrating and unproductive. I expected more support and transparency from a credit union, especially when dealing with complex financial matters. Unfortunately, my experience with Cyprus Credit Union was far from satisfactory, and I cannot recommend their services.
Unacceptable Business Ethics
I have had to call numerous times about my Ins. coverage on my RV loan. I had my Ins. info declaration page (American Family Ins.) faxed to Cyprus on 8/10/22 and the office person stated that the fax was confirmed. I received another letter from Cyprus stating that I would be charged $60 for Ins. from them. I called again on 8/24/22 and talked to a representative and she stated that my declaration page verification was received in their office on 8/17/22 and she would update my information on my account. I have now received another letter 8/26/22 stating that I have been charged $60 for Ins. on my RV Trailer. I have called again today 9/6/22 and the representative states that there is no info on any updated Ins. and that I need to have my Ins. provider fax them. I am way beyond being mad, pissed off, frustrated or annoyed. Cyprus Credit Union is a business that is clearly unprofessional in the way they conduct their business. DO NOT DO ANY BUSINESS WITH CYPRUS CREDIT UNION BECAUSE THEY HAVE UNACCEPTABLE BUSINESS ETHICS AND PRACTICES!!!! Find another Credit Union but do not do any business with them and let your family and friends known the same.
Data as of Q1 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 24688 |
| Year Chartered | 1935 |
| Employees | 401 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.69% |
| Return on Equity - YTD | 6.28% |
| Annual Interest Income | $23.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2024vs Q1 2023 | $1.76B$1.76B |
| Loans | Q1 2024vs Q1 2023 | $1.57B$1.55B |
| Deposits | Q1 2024vs Q1 2023 | $1.48B$1.46B |
| Equity Capital | Q1 2024vs Q1 2023 | $192.2MM$180.2MM |
| Loan Loss Allowance | Q1 2024vs Q1 2023 | $14.4MM$9.8MM |
| Unbacked Noncurrent Loans | Q1 2024vs Q1 2023 | $5.8MM$4.4MM |
| Real Estate Owned | Q1 2024vs Q1 2023 | $0$0 |
