Overview / Commentary
1505 N Pine St
Florence, AL 35630-2285

Florence Federal Credit Union is headquartered in Florence and is the 38th largest credit union in the state of Alabama. It is also the 2,265th largest credit union in the nation. It was established in 1959 and as of September of 2018, it had grown to 14 employees and 3,471 members at 3 locations. Florence Federal Credit Union's CD rates are 72% higher than the national average, and it has a B+ health rating.

Field of Membership Restrictions

Membership to Florence Federal Credit Union is open to businesses and other legal entities and those who work, worship, attend school or live in Colbert and Lauderdale counties.
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Reviews (1)

Florence Federal Credit Union

After my divorce left my credit in a horrible mess, and I was forced to closed a bank account that I had used for over 25 years, Florence Federal Credit Union took a chance on allowing me to open a checking/savings account with their institution. That was in 2013, and I am still member. There is only a $5 monthly fee, no minimum balance in checking and only a $25 minimum in savings. I also have overdraft protection up to $500. The ONLY negative I have to say is that there are only two locations. However, since I do most of my banking online, this has rarely been an issue.

Additional 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. Florence Federal Credit Union has a relatively low asset base.

Health Grade Components

NCUA #13167
Year Chartered1959
Primary Regulator
Profit Margin
Return on Assets - YTD0.83%
Return on Equity - YTD7.11%
Annual Interest Income$1.2MM
Assets and Liabilities
AssetsQ3 2018vs Q3 2017$53.1MM$51.7MM
LoansQ3 2018vs Q3 2017$17.7MM$16.0MM
DepositsQ3 2018vs Q3 2017$46.4MM$45.2MM
Equity CapitalQ3 2018vs Q3 2017$6.2MM$6.0MM
Loan Loss AllowanceQ3 2018vs Q3 2017$77.00K$53.00K
Unbacked Noncurrent LoansQ3 2018vs Q3 2017$98.00K$37.00K
Real Estate OwnedQ3 2018vs Q3 2017$0$257.00K
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Florence Federal Credit Union Savings Account Rates

0.30%$200-Regular Share Savings Account
0.30%$200-Vacation Club Account
0.25%$200-Christmas Club Account

Florence Federal Credit Union Money Market Rates

0.35%$2.5k-Money Market Account

Florence Federal Credit Union CD Rates

2.75%$500-60 Month Share Certificate
2.55%$500-48 Month Share Certificate
2.40%$500-36 Month Share Certificate
2.25%$500-30 Month Share Certificate
2.05%$500-24 Month Share Certificate
1.85%$500-18 Month Share Certificate
1.55%$500-12 Month Share Certificate
1.25%$500-6 Month Share Certificate
0.55%$500-90 Day Share Certificate

Florence Federal Credit Union IRA Rates

2.75%$500-60 Month IRA Certificate
2.55%$500-48 Month IRA Certificate
2.40%$500-36 Month IRA Certificate
2.25%$500-30 Month IRA Certificate
2.05%$500-24 Month IRA Certificate
1.85%$500-18 Month IRA Certificate
1.55%$500-12 Month IRA Certificate
1.25%$500-6 Month IRA Certificate
0.55%$500-90 Day IRA Certificate

Florence Federal Credit Union Locations
Branch Office501 E Tennessee StFlorence, AL 35630-5719
Branch Office1505 N Pine StFlorence, AL 35630-2285
Branch Office303 E Dr Hicks BlvdFlorence, AL 35630-5769

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