Southern Federal Credit Union is headquartered in Houston and is the 159th largest credit union in the state of Texas. It is also the 2,023rd largest credit union in the nation. It was established in 1954 and as of September of 2022, it had grown to 7 employees and 3,587 members at 1 location. Southern Federal Credit Union's savings rates are 2X the national average, and it has a B+ health rating.
First Impression, They Can Do Better.
Their office is open, but I couldn't get anyone on the phone before 1pm, it just went to voicemail. The "representative" that answered the phone explained that after you filled out the Membership Application you can email it to [email protected], the email on their home page. They offer better rates on over $25k than anyone (today). $50 Membership Share (on the high side for CUs) but you get it back if you ever close the account. $12 inactive fee after 6 months (set an auto pay of $1 every 5 months).
Update from: Member Services
Southern Federal Credit Union
832-769-3240
We are a closed membership limited to the employees of Transocean, EP Energy, TODCO, Streamlined Expansion companies or Bridas Energy.
Easy enough to say you work or are related to someone that works at one of these companies, but based on my experience, why bother.
Data as of Q3 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 9214 |
| Year Chartered | 1954 |
| Employees | 7 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.19% |
| Return on Equity - YTD | 0.5% |
| Annual Interest Income | $1.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2022vs Q3 2021 | $84.0MM$87.8MM |
| Loans | Q3 2022vs Q3 2021 | $32.1MM$33.6MM |
| Deposits | Q3 2022vs Q3 2021 | $51.5MM$55.5MM |
| Equity Capital | Q3 2022vs Q3 2021 | $31.9MM$31.7MM |
| Loan Loss Allowance | Q3 2022vs Q3 2021 | $1.4MM$1.2MM |
| Unbacked Noncurrent Loans | Q3 2022vs Q3 2021 | $705.00K$990.00K |
| Real Estate Owned | Q3 2022vs Q3 2021 | $0$0 |