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Velma Credit Union

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

With around $2,830,000 in assets, Velma Credit Union is considered to be a small credit union.

About
Address Po Box 186
Velma, Oklahoma 73491
Phone (580) 444-3396
Fax (580) 444-2851
CEO Heather Williams
President of the Board Jack Smith
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
667 members
Membership type: Multiple common bond – primary petroleum refining
Below average number of members
445:1
Credit union member to staff ratio
445 per each FTE employee
Compared to 411:1 nationally
Fewer staff
$2,834,274
Total assets
Below average
1 branch
Compared with an average of 4 nationally and 4 in Oklahoma
Average number of branches
1.00%
Savings interest rate
Compared to 0.3% nationally
Branches
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1 branch
Compared with an average of 4 nationally and 4 in Oklahoma
Average number of branches
Velma Credit Union Branch Locations

Velma Federal Credit Union
297655 E. Old Highway 7 Road
Duncan, Oklahoma 73533
No ATM
Members
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667 members
Membership type: Multiple common bond – primary petroleum refining
Below average number of members

With 667 members, the Velma Credit Union is considered to be a very small credit union. It is among the smallest credit unions and is smaller than 87% of credit unions.

Fees
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$17
Average fee per member
The average fee per member at the Velma Credit Union is $17, which is low compared to most credit unions. This rate is lower than 75% of all credit unions.
Fees are lower 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 Velma Credit Union. Some credit unions tend to charge more fees, while others charge less.

Staff
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445:1
Credit union member to staff ratio
445 per each FTE employee
Compared to 411:1 nationally
Fewer staff
2 staff members
FTE (full-time equivalent)
50% of employees are part-time
1 full-time, 1 part-time

Velma Credit Union has 1 full-time staff members and 1 part-time staff members. The staff is comprised of part-time and full-time staff, with part-time staff approximately 50% of the workforce.

The number of members relative to staff members is an indication of how well staffed the credit union is. Velma Credit Union has around 445 members per staff, a higher ratio compared to other credit unions.

Assets
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$2,834,274
Total assets
Below 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.
10.6%
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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$9,991
Average loan and lease size
Loan & lease sizes are average sized. They are bigger than at 49% of credit unions.

Velma Credit Union holds a total of $2,140,000 in loans and leases, which is about $9,991 per member on average.

Savings interest rate
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1.00%
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. Velma Credit Union pays 1.00%.

Loan rates
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12.00%
Unsecured non-credit card loan interest rate
Compared to 11.2% nationally
8.00%
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
4.99%
Used car loan rate
Compared to 5.2% nationally
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