EFCU Financial is headquartered in Baton Rouge and is the 3rd largest credit union in the state of Louisiana. It is also the 461st largest credit union in the nation. It was established in 1934 and as of September of 2022, it had grown to 122 employees and 60,242 members at 8 locations. EFCU Financial's CD rates are 5X the national average, and it has an A health rating.
Field of Membership Restrictions
Membership in EFCU Financial is open to all U.S. citizens/resident aliens by joining the EFCU Financial Foundation or the Louisiana Wildlife Foundation. Individuals who live, work, worship, or attend school in the Louisiana Parishes of Ascension, East Baton Rouge, East Feliciana, Feliciana, Livingston, Point Coupee, St. Helena, West Baton Rouge, or West Iberville are also eligible to join. Membership is also open to immediate family of existing members.
See current membership details
Patience Pays Off
Well, we applied on August 11th. Kept my phone with me for days...Called several times and was told someone would get back to us. Well I think we fell through the cracks. However, when we were contacted by Tim Borgmeyer, Assistant Vice President, he took excellent care of us. He personally helped us navigate all of the forms and issues. He was extremely knowledgeable and knew that getting our IRA out of Navy Federal might take some doing. He was right, however he kept us informed, he was patient while we were getting the money transferred and he called us as soon as our IRA and CD money arrived at efcu. He then put them into our accounts and gave us the 4.0 and 4.2 APY. We called him many, many times and he always got right back to us and made us feel very comfortable about working with this credit union. efcu kept their word!
Happy to be a member here!!
Great Rates And Excellent Member Service
Out of stater opened membership/CD account. Process was as expected, hard pull from Equifax, provide driver’s license photo ID, one-time membership donation and fund both accounts by combination of check, ACH and wire transfer. Membership Service Reps were quick to respond to email and phone calls, quite knowledgeable and very helpful; thank you Jenna T. and Kenyetta R. for your assistance.
Hard (Pull) To Join.
Yet another land mine to explode in your face when seeking just to become a member. Find another place unless strong reasons exist to join here. The deposit rates might be one and I was tempted until asking about credit check against non-borrowing applicants. WHY are CU's so fortified against the remote possibility that a depositor might cause a problem someday? Applicants already face soft pulls.
Did Not Complete The Application
The account application was asking many questions unrelated to a typical bank account application. I stopped halfway through the application because I did not feel comfortable giving out irrelevant personal information.
Data as of Q3 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 13 |
| Year Chartered | 1934 |
| Employees | 122 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.39% |
| Return on Equity - YTD | 16.46% |
| Annual Interest Income | $19.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2022vs Q3 2021 | $911.4MM$705.2MM |
| Loans | Q3 2022vs Q3 2021 | $762.7MM$583.4MM |
| Deposits | Q3 2022vs Q3 2021 | $817.1MM$612.7MM |
| Equity Capital | Q3 2022vs Q3 2021 | $71.8MM$59.8MM |
| Loan Loss Allowance | Q3 2022vs Q3 2021 | $889.00K$1.4MM |
| Unbacked Noncurrent Loans | Q3 2022vs Q3 2021 | $1.3MM$404.00K |
| Real Estate Owned | Q3 2022vs Q3 2021 | $0$0 |