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Tower Credit Union

Overview
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Tower Credit Union is a federal credit union based in Laurel, Maryland. It has been opened since 1953, for 67 years.

With around $3,041,870,000 in assets, Tower Credit Union is considered to be a very large credit union. It has 17 branches and 16 ATM locations.

About
Address Po Box 1280
Laurel, Maryland 20725
Website http://towerfcu.org
Phone (301) 497-7000
Fax (301) 497-8933
CEO Richard W. Stafford
President of the Board Marie Rowland
Services Offered
Map
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Score Card
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67 years
Years in business
Opened in 1953
Well Capitalized
Net worth classification
Source: NCUA
186,642 members
Membership type: Multiple common bond – primary federal, state, local government
Above average number of members
354:1
Credit union member to staff ratio
354 per each FTE employee
Compared to 411:1 nationally
Average number of staff
$3,041,866,809
Total assets
Above average
17 branches
Compared with an average of 4 nationally and 3 in Maryland
Above average number of branches
0.65%
Savings interest rate
Compared to 0.3% nationally
10.50%
Unsecured credit card loan interest rate
Compared to 10.8% nationally
Branches
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17 branches
Compared with an average of 4 nationally and 3 in Maryland
Above average number of branches
Tower Credit Union Branch Locations

Tower Credit Union: Lewis Branch
9800 Savage Road Ops 2
Fort George G. Meade, Maryland 20755
ATM Available
Tower Credit Union: Fanx Branch
840 Elkridge Landing Road
Linthicum, Maryland 21090
ATM Available
Tower Credit Union: Laurel Branch
7901 Sandy Spring Road
Laurel, Maryland 20707
ATM Available
Tower Credit Union: Ellicott City
9150 Baltimore National Pike Suite 12
Ellicott City, Maryland 21042
ATM Available
Tower Credit Union: Pasadena Branch-Ritchie Highway
8146 Ritchie Highway
Pasadena, Maryland 21122
ATM Available
Tower Credit Union: Owings Mills Branch
9207 Lakeside Boulevard
Owings Mills, Maryland 21117
ATM Available
Tower Credit Union: Snowden Branch
9021 Snowden Square Drive
Columbia, Maryland 21046
ATM Available
Tower Credit Union: R&E Branch
9840 O'Brien Road
Fort Meade, Maryland 20755
ATM Available
Tower Credit Union: Millersville Branch
231 Najoles Road
Millersville, Maryland 21108
ATM Available
Tower Credit Union: Burgin Branch
9824 Herczog Road
Fort Meade, Maryland 20755
No ATM
Tower Credit Union: Clarksville Branch
6030 Daybreak Circle Suite A100
Clarksville, Maryland 21029
ATM Available
Tower Credit Union: Arundel Mills Branch
7065 Arundel Mills Boulevard
Hanover, Maryland 21076
ATM Available
Tower Credit Union: Gambrills Branch
1077 State Route 3 North
Gambrills, Maryland 21054
ATM Available
Tower Credit Union: Magothy Beach Branch
25 Magothy Beach Road
Magothy Beach Plaza
Pasadena, Maryland 21122
ATM Available
Tower Credit Union: National Business Park
300 Sentinel Drive
Annapolis Junction, Maryland 20701
ATM Available
Tower Credit Union: Annapolis
2525 Riva Road
Annapolis, Maryland 21401
ATM Available
Tower Credit Union: Laurel Headquarters
7901 Sandy Spring Road
Laurel, Maryland 20707
ATM Available
Members
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186,642 members
Membership type: Multiple common bond – primary federal, state, local government
Above average number of members

With 186,642 members, the Tower Credit Union is considered to be a very large credit union. It is among the largest of credit unions and is larger than 98% of credit unions.

Fees
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$72
Average fee per member
The average fee per member at the Tower Credit Union is $72, which is high compared to most credit unions. This rate is higher than 68% of all credit unions.
Fees are higher than average

Credit unions, like banks, charge members various fees, such as overdraft fees, ATM fees, credit card fees, inactivity or dormat account fees, and more.

The average fee per member gives you a general sense of how much you might pay in fees as a member of the Tower Credit Union. Some credit unions tend to charge more fees, while others charge less.

Staff
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354:1
Credit union member to staff ratio
354 per each FTE employee
Compared to 411:1 nationally
Average number of staff
527 staff members
FTE (full-time equivalent)
10% of employees are part-time
499 full-time, 56 part-time

Tower Credit Union has 499 full-time staff members and 56 part-time staff members. The staff is predominantly comprised of full-time staff, at approximately 90% of the workforce.

The number of members relative to staff members is an indication of how well staffed the credit union is. Tower Credit Union has around 354 members per staff, an average ratio compared to other credit unions. This is a somewhat well staffed credit union.

Assets
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$3,041,866,809
Total assets
Above average
Net worth
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Well Capitalized
Net worth classification
Source: NCUA
A well capitalized credit union has a net worth ratio of 7% or greater and also meets applicable risk-based net worth requirements, according to the National Credit Union Administration.
12.8%
Net worth ratio
A higher net worth ratio is better.
Compared to an average of 13.6% nationally

A credit union's net worth ratio is one of the most important metrics you should consider when deciding whether to join a credit union. Why? It's a measure of financial strength

The net worth ratio is equal to a credit union's net worth divided by its assets. According to the National Credit Union Administration, a minimum net worth ratio of 7% is required to be considered to be a well capitalized credit union.

Loans & leases
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$15,423
Average loan and lease size
Loan & lease sizes are big! They are bigger than at 81% of credit unions.

Tower Credit Union holds a total of $2,440,220,000 in loans and leases, which is about $15,423 per member on average.

Savings interest rate
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0.65%
Savings interest rate
Compared to 0.3% nationally

A credit union share account is an account at a credit union. It's called a share account because the credit union is member owned and as a result, members own shares in the credit union.

A share savings account pays you interest on your savings, similar to a savings account at a bank. The interest you receive can vary. Tower Credit Union pays 0.65%.

Loan rates
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10.50%
Unsecured credit card loan interest rate
Compared to 10.8% nationally
8.74%
Unsecured non-credit card loan interest rate
Compared to 11.2% nationally
3.75%
Other secured non-real estate loans and lines of credit interest rate
Compared to 5.3% nationally
Car loan rates
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2.99%
New car loan rate
Compared to 4.0% nationally
3.29%
Used car loan rate
Compared to 5.2% nationally
Mortgage rates
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5.00%
Mortgage rate (secured by junior lien)
Compared to 3.4% nationally
4.63%
Mortgage rate (secured by 1st lien)
Compared to 3.3% nationally
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