Spectra Credit Union is headquartered in Alexandria and is the 21st largest credit union in the state of Virginia. It is also the 701st largest credit union in the nation. It was established in 1946 and as of June of 2024, it had grown to 85 employees and 27,878 members at 4 locations. Spectra Credit Union's CD rates are 5X the national average, but it has a C health rating.
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Debit Card Fiasco
At the beginning of February I was out of the country and tried to use my debit card at a bank ATM. Turned out that my card had expired the end of January. I left town on January 25 and had received no alert from Spectra that my card was about to expire. Upon returning to the USA I called Spectra and was told the company producing the debit cards had a "production delay" and I "should be receiving a replacement within seven days". Again - no alert from Spectra. I feel this was extremely negligent on their part, and
after over 50 years with the NRL (now Spectra) Credit Union I will be moving my account to another federal CU.
Beware - customer service has taken a nose dive since Spectra took over this CU .
Data as of Q2 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 5380 |
| Year Chartered | 1946 |
| Employees | 85 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | -0.8% |
| Return on Equity - YTD | -14.3% |
| Annual Interest Income | $12.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $540.1MM$606MM |
| Loans | Q2 2024vs Q2 2023 | $369.8MM$409.2MM |
| Deposits | Q2 2024vs Q2 2023 | $469.3MM$501.2MM |
| Equity Capital | Q2 2024vs Q2 2023 | $30.8MM$37.3MM |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $6.1MM$2.1MM |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $6.3MM$2.6MM |
| Real Estate Owned | Q2 2024vs Q2 2023 | $0$0 |