Overview / Commentary
Salem VA Credit Union (VA) is headquartered in Salem and is the 49th largest credit union in the state of Virginia. It is also the 1,900th largest credit union in the nation. It was established in 1936 and as of June of 2024, it had grown to 21 employees and 8,325 members at 3 locations. Salem VA Credit Union (VA) has a B+ health rating.
Field of Membership Restrictions
Membership in Salem VA Credit Union is open to those who work, worship or live in the city of Salem, the town of Vinton, Roanoke City or Roanoke County in Virginia.
See current membership details
Health
B+
Data as of Q2 2024
Learn why bank health mattersAdditional 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. Salem VA Credit Union (VA) has a relatively low asset base.
Health Grade Components
| Overall | |
|---|---|
| NCUA # | 1127 |
| Year Chartered | 1936 |
| Employees | 21 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.6% |
| Return on Equity - YTD | 15.77% |
| Annual Interest Income | $2.1MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $92.1MM$94.7MM |
| Loans | Q2 2024vs Q2 2023 | $63.1MM$61.3MM |
| Deposits | Q2 2024vs Q2 2023 | $79.2MM$84.2MM |
| Equity Capital | Q2 2024vs Q2 2023 | $9.4MM$7.5MM |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $339K$342K |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $188K$136K |
| Real Estate Owned | Q2 2024vs Q2 2023 | $0$0 |