Question 1

What is Local 24 Employees Federal Credit Union (Local 24 FCU)?

Accepted Answer

Local 24 Employees Federal Credit Union (Local 24 FCU) is a small, specialized federal credit union serving members of the International Longshoremen's Association Local 24 in Pasadena, Texas. With approximately $13.6 million in assets and over 1,150 members, this credit union provides focused financial services to longshoremen and maritime workers employed at the Port of Houston area.

The credit union operates with an associational membership structure, specifically serving employees and their families connected to ILA Local 24. As of 2025, Local 24 FCU maintains a well-capitalized status with a strong net worth ratio of 19.35%, demonstrating solid financial stability.

Question 2

When was Local 24 Employees Federal Credit Union (Local 24 FCU) founded?

Accepted Answer

Local 24 Employees Federal Credit Union was founded in 1961 and received Charter Number 14656 from the National Credit Union Administration (NCUA). The credit union was established to provide a safe, affordable financial resource for longshoremen working at the bustling Port of Houston region.

The credit union was created during a period of significant growth in the maritime industry along the Texas Gulf Coast. Its founding reflected the cooperative financial movement that was particularly strong among labor unions during the mid-20th century, providing workers with an alternative to traditional banking institutions.

Question 3

Where is Local 24 Employees Federal Credit Union (Local 24 FCU) headquartered?

Accepted Answer

Local 24 Employees Federal Credit Union is headquartered at 5001 Red Bluff Road in Pasadena, Texas 77503. Notably, the credit union's address is very close to the ILA Local 24 union hall, which is located at 4060 Red Bluff Road in Pasadena.

This proximity reflects the credit union's close relationship with the International Longshoremen's Association Local 24 and its commitment to serving the local maritime worker community.

Question 4

Where does Local 24 Employees Federal Credit Union (Local 24 FCU) operate?

Accepted Answer

Local 24 Employees Federal Credit Union operates primarily in the Pasadena, Texas area, serving the greater Houston Ship Channel region. According to NCUA data, the credit union reports zero branch offices, suggesting it may operate from a single location or provide primarily appointment-based services.

The credit union's field of membership is restricted to associational members connected to ILA Local 24. This includes longshoremen, dock workers, and maritime employees working in the Port of Houston area, along with their immediate family members. The NCUA data indicates approximately 1,300 potential members within the field of membership.

Question 5

What services does Local 24 Employees Federal Credit Union (Local 24 FCU) offer?

Accepted Answer

Local 24 Employees Federal Credit Union offers core financial services tailored to its membership base:

Deposit Accounts: Share accounts (savings) and member deposits totaling approximately $10.9 million. The credit union provides standard savings products to help members build financial stability.

Lending Services: Consumer loans totaling approximately $4.0 million, with 403 active loan accounts. The credit union's loan-to-share ratio of 38.15% indicates a conservative lending approach focused on member needs.

Digital Banking: Local 24 FCU offers modern digital access through its mobile banking application, available on the Google Play Store. Members can check account balances, view transaction history, view cleared checks, transfer funds, and access their accounts 24/7 from anywhere.

Online Banking: Internet banking services are available through the credit union's website at www.local24efcu.com, allowing members to manage their finances remotely using the same secure login credentials as the mobile app.

Question 6

What makes Local 24 Employees Federal Credit Union (Local 24 FCU) unique?

Accepted Answer

Local 24 Employees Federal Credit Union stands out for its specialized focus on serving maritime workers and longshoremen. Several distinctive features include:

Labor Union Heritage: As a credit union specifically serving ILA Local 24 members, it maintains a strong connection to the labor movement and the International Longshoremen's Association, which represents maritime workers along the Gulf Coast, Atlantic Coast, and inland waterways.

Exceptional Financial Strength: With a net worth ratio of 19.35% (compared to the U.S. credit union average of 14.29%), Local 24 FCU demonstrates significantly stronger capitalization than typical credit unions. Its Texas Ratio of just 0.32% indicates exceptionally low risk, reflecting sound loan quality and financial management.

Intimate Member Service: With only four full-time employees serving approximately 1,155 members, the credit union offers personalized, relationship-based financial services. This small size enables staff to understand the unique financial needs and employment patterns of maritime workers.

Strong Performance: The credit union has shown impressive growth, with 2.86% asset growth, 2.30% membership growth, and a healthy return on average assets of 1.65% over the past year.

Question 7

What type of financial institution is Local 24 Employees Federal Credit Union (Local 24 FCU)?

Accepted Answer

Local 24 Employees Federal Credit Union is a federally chartered credit union regulated by the National Credit Union Administration (NCUA). It operates under the federal credit union structure, which means members' deposits are insured up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF).

As a member-owned financial cooperative, Local 24 FCU operates on a not-for-profit basis. Members are both owners and customers, with each member having equal voting rights regardless of their account balance (one member, one vote).

The credit union maintains an associational membership designation, specifically categorized as "Associational - other than faith based or fraternal." Membership is restricted to individuals connected to ILA Local 24, including employees, union members, and their immediate family members. This focused membership structure allows the credit union to tailor its services specifically to the needs of longshoremen and maritime workers in the Pasadena area.

Local 24 Employees Federal Credit Union (Local 24 FCU)

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About Local 24 Employees Federal Credit Union (Local 24 FCU) in the United States