Northrop Grumman Federal Credit Union is headquartered in Gardena and is the 42nd largest credit union in the state of California. It is also the 308th largest credit union in the nation. It was established in 1946 and as of December of 2024, it had grown to 247 employees and 76,207 members at 28 locations. Northrop Grumman Federal Credit Union's CD rates are 5X the national average, and it has a B+ health rating.
Field of Membership Restrictions
Membership in Northrop Grumman Federal Credit Union is open to anyone through membership in the Southern California Historical Aircraft Foundation(SCHAF). Membership is also open to employees of Northrop Grumman subsidiaries, except those eligible for membership in another credit union sponsored by Northrop Grumman Corporation by virtue of their employment, and to employees of Metro Los Angeles County.
See current membership details
Denied Application Based On
If you're a saver with bank accounts opened in an "unspecified" amount of time elsewhere that appear as "inquiries" you might see the same denial I did based on such reasoning. Like many savers, I recently opened up a couple of new accounts in the 2-3 years before applying for membership with Northrup Grumman FCU. I pulled a copy of my report after their denial. I had ZERO adverse reportings by any institution. I was denied simply because of inquiries made at other banks (in which I actually opened accounts at). Their explanation was the "number was too high". I had like 3 other accounts opened in the past few years. This place is a joke. I was trying to open a certificate of deposit - ... here take my money and lock it up for years ... yet this is somehow shady to them? Do not waste your time or additional dings to your Chexsystems report at this institution. Look elsewhere.
They also kept my initial deposit which I had to fight to get back over the course of weeks. Stay far away from this scummy place.
Not Good For Relocation
I am a new NGC employee and have been with another Credit Union for 30 years and had a great experience. Because I moved to California from out of state, my old credit union could not write a loan for me here. I assumed the Northrop Grumman Federal Credit Union would be OK. Applied for the loan..no problem. The problem was getting them to return calls and providing information needed to complete the loan. Not until a week before the closing was I able to get calls returned from my loan officer to provide him the documents he needed. They daisy chain all their closing document requests. I spent over a week in a hotel room providing additional information. Most of the information was redundant to what I already provided. They are not staffed to do real business transactions. I was a relocation, so closing on time is a big deal. At this time it looks like we will be closing 7 days late. So, we need to provide temporary housing for my family and pets. They seem to think the closing date is a nice guideline. My relator also insists this has been the worst loan experience she has ever experienced in her 30 years in the industry. I was advised by my relocation company to go with another lender and I very truly regret not following their advise. Please do not make the same mistake I did.
Data as of Q4 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 24292 |
| Year Chartered | 1946 |
| Employees | 247 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.11% |
| Return on Equity - YTD | 1.84% |
| Annual Interest Income | $80.4MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2024vs Q4 2023 | $1.53B$1.64B |
| Loans | Q4 2024vs Q4 2023 | $853MM$871MM |
| Deposits | Q4 2024vs Q4 2023 | $1.38B$1.36B |
| Equity Capital | Q4 2024vs Q4 2023 | $95.7MM$82.8MM |
| Loan Loss Allowance | Q4 2024vs Q4 2023 | $14.4MM$11.7MM |
| Unbacked Noncurrent Loans | Q4 2024vs Q4 2023 | $4.6MM$3.6MM |
| Real Estate Owned | Q4 2024vs Q4 2023 | $0$0 |
