Everence Federal Credit Union is headquartered in Lancaster and is the 28th largest credit union in the state of Pennsylvania. It is also the 848th largest credit union in the nation. It was established in 1955 and as of June of 2023, it had grown to 56 employees and 23,009 members at 10 locations. Everence Federal Credit Union has a B+ health rating.
Field of Membership Restrictions
Membership is open to several denominations of Christian churches, including Mennonite Church USA, Mennonite Brethren Church, Fellowship of Evangelical Churches, and Fellowship of Evangelical Bible Churches.
See current membership details
Beware! Higher Interest Is A Sham And You'll Leave With A Guilt Trip!
First off, after being a member of this credit union, it is definitely sub par in terms of services and facilities. They seemed intent on giving me a guilt trip over the remaining assets that I have with a large money manager, stating that I really should be using their "faith based" platform so that my investments would be doing so much harm. I looked at their platform, and was not impressed. High fees, and your standard bloated mutual funds.
The second point is their interest rates. Their initial interest rates might be higher, but it is only on the first $500 you deposit. Additional money above $500 gets lower and lower rates, the inverse of any other financial institution. My recommendation would be to put $500 in here, but no more - you can get much better rates elsewhere. Just my 2 cents... but unless your brother in law works here and you feel an obligation stay away!
Data as of Q2 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 10223 |
| Year Chartered | 1955 |
| Employees | 56 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.96% |
| Return on Equity - YTD | 19.57% |
| Annual Interest Income | $8.4MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2023vs Q2 2022 | $392.0MM$343.4MM |
| Loans | Q2 2023vs Q2 2022 | $271.7MM$218.7MM |
| Deposits | Q2 2023vs Q2 2022 | $325.8MM$314.4MM |
| Equity Capital | Q2 2023vs Q2 2022 | $19.1MM$17.0MM |
| Loan Loss Allowance | Q2 2023vs Q2 2022 | $0$1.2MM |
| Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $932.00K$679.00K |
| Real Estate Owned | Q2 2023vs Q2 2022 | $0$0 |