Florence Federal Credit Union

Overview / Commentary
1505 N Pine St
Florence, AL 35630

Florence Federal Credit Union is headquartered in Florence and is the 38th largest credit union in the state of Alabama. It is also the 2,228th largest credit union in the nation. It was established in 1959 and as of June of 2021, it had grown to 15 employees and 3,721 members at 3 locations. Florence Federal Credit Union has an A health rating.

Field of Membership Restrictions

Membership in Florence Federal Credit Union is open to those who live, work, worship, or attend school in Colbert or Lauderdale Counties in Alabama, as well as businesses and other legal entities in the same 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 - YTD0.92%
Return on Equity - YTD8.22%
Annual Interest Income$1.1MM
Assets and Liabilities
AssetsQ2 2021vs Q2 2020$67.0MM$60.6MM
LoansQ2 2021vs Q2 2020$25.8MM$23.6MM
DepositsQ2 2021vs Q2 2020$58.6MM$52.6MM
Equity CapitalQ2 2021vs Q2 2020$7.5MM$7.1MM
Loan Loss AllowanceQ2 2021vs Q2 2020$147.00K$123.00K
Unbacked Noncurrent LoansQ2 2021vs Q2 2020$102.00K$129.00K
Real Estate OwnedQ2 2021vs Q2 2020$0$0
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Florence Federal Credit Union Savings Account Rates

0.60%$200-Christmas Club Account
0.25%$200-Regular Share Savings Account
0.25%$200-Vacation Club Account

Florence Federal Credit Union Money Market Rates

0.30%$2.5k-Money Market Account

Florence Federal Credit Union CD Rates

0.70%$500-60 Month Share Certificate
0.60%$500-48 Month Share Certificate
0.55%$500-36 Month Share Certificate
0.50%$500-30 Month Share Certificate
0.45%$500-24 Month Share Certificate
0.35%$500-18 Month Share Certificate
0.30%$500-12 Month Share Certificate
0.25%$500-6 Month Share Certificate
0.20%$500-90 Day Share Certificate

Florence Federal Credit Union IRA Rates

0.70%$500-60 Month IRA Certificate
0.60%$500-48 Month IRA Certificate
0.55%$500-36 Month IRA Certificate
0.50%$500-30 Month IRA Certificate
0.45%$500-24 Month IRA Certificate
0.35%$500-18 Month IRA Certificate
0.30%$500-12 Month IRA Certificate
0.25%$500-6 Month IRA Certificate
0.20%$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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