Local 24 Employees Federal Credit Union

What Local 24 Employees Federal Credit Union does

Local 24 Employees Federal Credit Union is a federally chartered, member-owned credit union operating since 1961, headquartered at 7620 East Navigation Boulevard in Houston, Texas, with a second branch in Pasadena. It serves a narrowly defined field of membership requiring a TWIC Card, work button, Social Security card, and driver's license for verification, with a reported base of more than 1,000 members concentrated in the Houston metropolitan area. Total assets stand at $11.98 million as disclosed on the About Us page.

The institution's core products are share (savings) accounts and a small set of consumer credit products: shared secured, signature, vehicle, and recreational vehicle loans, supplemented by payroll deduction and standard account services. The digital channel is delivered primarily through the third-party HomeCU platform (mobicint.net) for online banking login, enrollment, and password management, with the public website and forms powered by Omnicommander (OMNICOMM/NDER) and Formstack respectively. Seven financial calculators (loan affordability, loan payment, bi-weekly mortgage, refinance savings, multiple deposit, single deposit) are published on the site as member-engagement utilities.

The revenue model combines net interest income on the loan portfolio with a range of transactional and membership fees: a $10 opening fee and $25 membership fee at onboarding, plus per-transaction charges for ATM, point-of-sale, ACH, wire, stop-payment, NSF, and account research services. Marketing and member acquisition are direct, relying on the credit union's website, physical branches, and telephone banking rather than paid acquisition channels. The institution is federally regulated by the NCUA, displays the NCUA and Equal Housing Opportunity logos, self-attests to WCAG 2.1 AA accessibility, and publishes a GLBA-aligned privacy notice.

Name

Local 24 Employees Federal Credit Union

Legal name

Local 24 Employees Federal Credit Union

Website

https://local24efcu.com

Company type

Private

Founded year

1961

Operating status

Operating

Headcount range

11–50 employees

Short description

Local 24 Employees Federal Credit Union is a federally chartered, member-owned credit union serving a defined occupational field of membership with savings accounts, consumer loans, and digital banking across two Houston-area branches.

Ownership category

akta.pro rank

Product category

Community Credit Union Banking

NAICS

Credit Unions (52213)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

Employer/Occupational Credit Unions (FSABAEAB)

akta.pro secondary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

Keywords

• Credit union services
• Consumer savings accounts
• Personal lending products
• Member-owned banking
• Federally insured deposits

Headquarters

HQ city

Pasadena

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Others

Revenue model

1. Interest Income from Loans: The credit union generates revenue through interest charged on loans including shared secured loans, signature loans, vehicle loans, and recreational vehicle loans. Rates are based on creditworthiness and loan term.
2. Membership and Application Fees: One-time fees including $10.00 opening fee and $25.00 membership fee charged to new members upon account opening.
3. Service and Transaction Fees: Various fees including excessive withdrawal fees ($10 per transaction after 2 free), ATM fees ($5 original, $10 reissue), point of sale fees ($1.50), NSF fees ($25-$35), ACH processing fees, wire transfer fees ($30), stop payment fees ($35), and account research/reconciliation fees.
4. Savings Account Deposits: The credit union accepts member deposits into savings accounts, using pooled member funds to provide loans and generate interest income spread.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Local 24 Employees Federal Credit Union is a member-owned federal credit union providing savings accounts (share accounts) and consumer loan products including Shared Secured, Signature, Vehicle, and Recreational Vehicle loans to its defined field of membership. Members access accounts through digital banking powered by the third-party HomeCU platform, in-person service at two Houston-area branches, payroll deduction, and a suite of online financial calculators. Revenue is generated through interest income on loans, membership and opening fees, and a schedule of service and transaction fees.

Product overview

Local 24 Employees Federal Credit Union operates as a traditional credit union providing a unified set of banking services centered on savings and lending products. The core offerings include Digital Banking (online access via a third-party HomeCU platform), Savings Accounts, Loans (Shared Secured, Signature, Vehicle, and Recreational Vehicle), Membership Application, Address Change, Document Upload, and Payroll Deduction services. Supporting these are seven online calculator tools (Loan Afford, Loan Payment, Bi-Weekly Mortgage Payment, Home Refinance Savings, Multiple Deposit, and Single Deposit calculators) available through the website. The calculators function as add-on modules within the broader digital banking ecosystem, while the forms and loan products form the primary member-facing service components.

Differentiator

Problem solved

Functional benefit

Products and services

• Digital Banking Online and mobile banking platform providing members with 24/7 account access, transactions, balance inquiries, enrollment, and password management through a third-party HomeCU (mobicint.net) banking system.
• Savings Accounts Share/savings accounts that allow members to deposit funds and earn dividends, with a $10 opening fee, $25 membership fee, $10 excessive withdrawal fee after 2 free monthly withdrawals, and ATM-related charges.
• Consumer Loans Credit products including Shared Secured loans, Signature loans, Vehicle loans, and Recreational Vehicle loans offered to eligible members. APR is based on creditworthiness and loan term, and rates are subject to change at any time.
• Payroll Deduction / Direct Deposit Direct deposit service that allows members to route payroll deductions automatically into their credit union share/savings accounts, supporting systematic and convenient savings accumulation.
• Membership Enrollment Formal enrollment into the credit union's field of membership for qualifying individuals, requiring a $10 opening fee and $25 membership fee along with identity documentation (TWIC Card, work button, Social Security card, driver's license).

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature1 record

Partnerships

Two partnerships are on record, tiered core and minor.

• NCUA (National Credit Union Administration)coreOthersThe credit union is federally chartered and regulated by the NCUA, which provides federal deposit insurance protecting member deposits up to $250,000. The NCUA logo is displayed on the website indicating this regulatory relationship.
• HUD (Department of Housing and Urban Development)minorOthersThe credit union displays the Equal Housing Opportunity logo, indicating compliance with federal fair housing laws administered by HUD.

Scale indicators4 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Houston Police Officers Credit Union: Houston-based credit union serving law enforcement employees and related occupational groups. Directly comparable to Local 24 FCU on Houston geography, occupational membership model, and savings/loan product mix.
• Associated Credit Union of Texas: Texas-based federal credit union serving a defined occupational/employer membership. Comparable to Local 24 FCU on federal charter, Texas footprint, and small-to-mid asset scale consumer lending model.
• JSC Federal Credit Union: NASA-area occupational federal credit union in the Houston metro. Matches Local 24 FCU on employer-based field of membership, NCUA federal charter, and branch-based service model in the Houston region.
• Houston Fire Fighters Federal Credit Union: Small Houston-area federal credit union serving a defined occupational group (Houston Fire Fighters). Closely comparable to Local 24 FCU in occupational membership model, federal charter, and sub-$100M asset scale with Houston footprint.
• Members Choice of Central Texas Federal Credit Union: Small Texas-based federal credit union with a defined employee/community membership. Comparable to Local 24 FCU on federal charter, asset scale in the tens of millions, and traditional branch + digital model.
• Gulf Coast Educators Federal Credit Union: Occupational federal credit union serving Texas Gulf Coast educators. Similar to Local 24 FCU in occupational field-of-membership structure, federal charter, and consumer savings/loan product mix.
• Shell Federal Credit Union: Houston-based federal credit union serving Shell employees and related occupational groups. Directly analogous to Local 24 FCU on occupational field of membership, federal NCUA charter, and Houston-area branch model.
• Cy-Fair Federal Credit Union: Houston-area federal credit union with a defined employer/community membership. Closely matches Local 24 FCU on geographic region, federal NCUA charter, and small-scale cooperative banking model.
• First Service Credit Union: Houston-based federal credit union serving a defined occupational/employer field of membership (ExxonMobil-area). Compares to Local 24 FCU on Houston geography, federal charter, and employee-anchored member base.

Broad incumbents

• TDECU (Texas Dow Employees Credit Union): Larger Texas employer-based credit union (Texas Dow Employees). Anchored on an occupational field of membership like Local 24 FCU, but operates at significantly larger scale and broader geographic reach, representing the scaled-up end of the same business model.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Local 24 Employees Federal Credit Union