Question 1

What is Little Rock Fire Department Federal Credit Union?

Accepted Answer

Little Rock Fire Department Federal Credit Union (LRFD FCU) is a specialized federal credit union serving the firefighting community in Little Rock, Arkansas. With approximately $17.1 million in assets and 893 members, this institution operates as a nonprofit, cooperative financial institution owned and democratically controlled by its members.

The credit union maintains a strong financial position with a net worth ratio of 18.6% and focuses exclusively on serving members of the Little Rock Fire Department and their families. As a single-sponsor occupational credit union, LRFD FCU exemplifies the credit union philosophy of "not for profit, not for charity, but for service."

Question 2

When was Little Rock Fire Department Federal Credit Union founded?

Accepted Answer

[Information not publicly available on the specific founding date]. However, the credit union was chartered under federal regulations with NCUA Charter Number 6725.

The establishment of LRFD FCU followed a long tradition of firefighters organizing for mutual benefit, dating back to the formation of the Arkansas State Firefighters Association in 1920 and subsequent efforts to improve benefits and working conditions for firefighters throughout Arkansas.

Question 3

Where is Little Rock Fire Department Federal Credit Union headquartered?

Accepted Answer

Little Rock Fire Department Federal Credit Union is headquartered at 210 South Gaines Street in Little Rock, Arkansas. The credit union shares its address with the Little Rock Fire Department facilities in the downtown area.

The office operates Monday through Friday from 7:00 AM to 3:00 PM and is closed on all U.S. Postal Service holidays.

Question 4

Where does Little Rock Fire Department Federal Credit Union operate?

Accepted Answer

LRFD FCU operates exclusively in Little Rock, Arkansas, serving a defined field of membership. The credit union's membership is restricted to employees and members of the Little Rock Fire Department, along with their immediate family members.

This occupational common bond ensures that the credit union serves the specific financial needs of the local firefighting community. Members must have an affiliation with the Little Rock Fire Department to be eligible for membership.

Question 5

What services does Little Rock Fire Department Federal Credit Union offer?

Accepted Answer

LRFD FCU provides fundamental financial services tailored to its membership, including:

Savings and Share Accounts: Members can maintain share accounts (savings) with the credit union, pooling their funds as part of the cooperative structure.

Lending Services: The credit union offers loans to members at reasonable rates, with total loans of approximately $10.7 million. Members benefit from the cooperative model where they borrow from pooled member deposits.

Digital Banking: Members have access to online banking services through the credit union's website at lrfdfcu.virtualcu.net, providing convenient account management.

The credit union maintains approximately $13.8 million in total deposits, demonstrating consistent member engagement with a loan-to-share ratio of 77.5%.

Question 6

What makes Little Rock Fire Department Federal Credit Union unique?

Accepted Answer

LRFD FCU's defining characteristic is its exclusive focus on serving the Little Rock Fire Department community. This specialized membership creates a tight-knit financial cooperative where members share a common profession and workplace.

Strong Financial Performance: The credit union demonstrates solid financial health with a return on average assets of 1.18% and strong capital reserves, indicating prudent management and sustainable operations.

Member-Centric Governance: As a democratically controlled institution, LRFD FCU is governed by a volunteer board elected by the membership, ensuring that the credit union's policies and services directly reflect member needs and priorities.

Community Focus: By serving exclusively firefighters and their families, the credit union understands the unique financial needs of first responders, including shift work patterns, occupational considerations, and the specific challenges facing the firefighting profession.

Stable Growth: The credit union has shown steady growth with a 9.6% increase in deposits over the past four quarters and maintaining a healthy member base with modest but consistent 1.1% membership growth.

Question 7

What type of financial institution is Little Rock Fire Department Federal Credit Union?

Accepted Answer

Little Rock Fire Department Federal Credit Union is a federal credit union chartered and regulated by the National Credit Union Administration (NCUA). The credit union operates under Charter Number 6725 and is supervised by NCUA Region 2.

As a federal credit union, LRFD FCU is a member-owned cooperative financial institution where each member has an equal vote regardless of their account balance. The credit union is governed by federal regulations and benefits from federal share insurance through the National Credit Union Share Insurance Fund (NCUSIF), which insures member accounts up to $250,000 per account.

The credit union operates as a single common bond occupational credit union, meaning membership is restricted to individuals who share a common employer or occupational association—in this case, the Little Rock Fire Department. This focused membership structure allows the credit union to tailor its services specifically to the financial needs of firefighters and their families while maintaining the cooperative principles that define the credit union movement.

Little Rock Fire Department Federal Credit Union (LRFD FCU)

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About Little Rock Fire Department Federal Credit Union (LRFD FCU) in the United States