The Apple Federal Credit Union (also known as Apple FCU) is a U.S. credit union founded in 1956 and headquartered in Fairfax, Virginia, chartered and regulated under the authority of the National Credit Union Administration (NCUA). As of September 2023, Apple FCU had more than 240,000 members and over $4 billion USD in assets, making it larger than over 90% of federal credit unions in the United States.[1][2]
 | |
| Company type | Credit union |
|---|---|
| Industry | Financial services |
| Founded | 1 October 1956 |
| Headquarters | Fairfax, Virginia, United States |
Number of locations | 21 |
Area served | Northern Virginia |
Key people | Andy Grimm (President & CEO) |
| Products | Savings; checking; consumer loans; mortgages; credit cards; investments; online banking |
| Total assets | $4,322,859,678 United States dollars (4Q 2023) |
| Members | 242,470 (4Q 2023) |
Number of employees | 542 |
| Subsidiaries | Apple Financial Services (CUSO) |
| Website | https://www.AppleFCU.org |
Organization and employees
editApple FCU is chartered with the NCUA, and like other credit unions, is governed by a volunteer board of directors, elected by and from its membership. Apple FCU also has a separate wholly owned subsidiary providing wealth management and insurance named Apple Financial Services, LLC.[3]
As of January 2024, the credit union had nearly 530 combined employees working at its headquarters and branches. It was listed as one of the "Top Workplaces" in 2023 by the Washington Post.[4] It also claimed the number one spot in Virginia in 2018 for Forbes’ "Best-In-State Credit Unions" survey of 25,000 consumers.[5]
Mergers and acquisitions
editApple FCU has expanded its field of operations beyond its original common bond charter several times through the absorption of other credit unions. In 2011, a Prince William County community charter was added through a merger with Synergy One Federal Credit Union (Manassas, VA).[6] In 2013, a merger with Vantria Federal Credit Union (Springfield, VA) added a community charter to include all Fairfax County.[7] In 2015, Apple FCU acquired a Frederick County (VA) community charter when Winchester Community Federal Credit Union "was merged into Apple at the request of the NCUA after the federal agency placed Winchester Community into 'restricted status' " because the CEO of Winchester Community Federal Credit Union, Donna L. Jennings, had pleaded guilty to stealing more than $1 million from the organization she led.[8]
2018 class action lawsuit
editIn August 2018, plaintiff Jamie Liggio sued Apple Federal Credit Union for charging excessive overdraft fees.[9][10] The case was settled in December 2019 with Apple FCU agreeing to pay members up to $2,700,000.[11][12]
References
edit- ^ "Credit Union Details". mapping.ncua.gov. Retrieved 12 February 2020.
- ^ "Quarterly Data Summary Reports | National Credit Union Administration". www.ncua.gov. Retrieved 12 February 2020.
- ^ Samaad, Michelle A. (24 July 2013). "Apple FCU Moves Investment Program to CUSO Financial". Credit Union Times. Archived from the original on 4 August 2020. Retrieved 12 February 2020.
- ^ "2023 "Top Workplaces" rankings". www.washingtonpost.com. Retrieved 16 June 2023.
- ^ "Apple Federal Credit Union, Union Bank & Trust recognized in Forbes survey". Virginia Business. 20 July 2018. Retrieved 12 February 2020.
- ^ "Apple Federal Credit Union Announces Completion of Merger with Synergy One". CUInsight. Retrieved 12 February 2020.
- ^ "Apple Federal Credit Union and Vantria Federal Credit Union Announce Merger". CUInsight. Retrieved 12 February 2020.
- ^ Strozniak, Peter (22 December 2015). "Credit Union CEO Pleads Guilty to Stealing $1 Million". Credit Union Times. Archived from the original on 11 August 2020. Retrieved 12 February 2020.
- ^ "Two More CUs Hit With Lawsuits Over Overdrafts". CUToday. Retrieved 12 February 2020.
- ^ "Two more credit unions hit with class-action suits for overdrafts". Credit Union Journal. 14 September 2018. Retrieved 12 February 2020.
- ^ "Liggio v. Apple Federal Credit Union - Home". www.afcuoverdraftsettlement.com. Retrieved 12 February 2020.
- ^ "Overdraft Fee Litigation Returns". Troutman Sanders LLP - Overdraft Fee Litigation Returns. Retrieved 12 February 2020.