Overview / Commentary
Sound Federal Credit Union is headquartered in Norwalk and is the 20th largest credit union in the state of Connecticut. It is also the 1,599th largest credit union in the nation. It was established in 1953 and as of June of 2024, it had grown to 39 employees and 9,203 members at 4 locations. Sound Federal Credit Union has a C+ health rating.
Field of Membership Restrictions
Sound Federal Credit Union is open to anyone who lives, works, worships, volunteers, or attends school in the Connecticut counties of Fairfield, Litchfield, or New Haven. Family members (blood or marriage) of an existing Sound Federal Credit Union member are also eligible to join.
See current membership details
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Health
C+
Data as of Q2 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 24705 |
| Year Chartered | 1953 |
| Employees | 39 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | -1.58% |
| Return on Equity - YTD | -24.48% |
| Annual Interest Income | $3.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $129.7MM$126.2MM |
| Loans | Q2 2024vs Q2 2023 | $97MM$92.5MM |
| Deposits | Q2 2024vs Q2 2023 | $115MM$108.2MM |
| Equity Capital | Q2 2024vs Q2 2023 | $8.4MM$10.4MM |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $665K$554K |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $1.6MM$822K |
| Real Estate Owned | Q2 2024vs Q2 2023 | $0$0 |