Magnolia Federal Credit Union

Established in 1935, Magnolia Federal Credit Union is headquartered in Jackson, Mississippi.

Main Address

240 Briarwood Dr
Jackson, MS 39206

Credit Union Details

Charter Number: 224

Year Opened: 1935

Date Insured: January 4, 1971

Routing Number: 265377235

Peer Group: Assets between $100 million to $500 million

Credit Union Type: Federally chartered, federally insured credit union (FCU)

President of the Board: Mary E. Barrett

Manager/CEO: Michael Waylett

Employees: 45 full-time employees

Members: 19,621 current members

Website

magfedcu.org

Auto Loans

Number of New Vehicle Loans: 523

Number of Used Vehicle Loans: 4,878

Number of Total Vehicle Loans: 5,401

Amount of New Vehicle Loans: $20,816,918.00

Amount of Used Vehicle Loans: $53,579,707.00

Amount of Total Vehicle Loans: $74,396,625.00

Interest Rate of New Vehicle Loans: 2.95%

Interest Rate of Used Vehicle Loans: 14.95%

Number of Reportable Delinquent New Vehicle Loans: 4

Number of Reportable Delinquent Used Vehicle Loans: 61

Number of Total Reportable Delinquent Vehicle Loans: 65

Amount of Reportable Delinquent New Vehicle Loans: $32,727.00

Amount of Reportable Delinquent Used Vehicle Loans: $569,666.00

Amount of Total Reportable Delinquent Vehicle Loans: $602,393.00

Amount of Used Vehicle Loans YTD Charge Offs: $854,055.00

Amount of Used Vehicle Loans YTD Recoveries: $255,740.00

Consumer Vehicle Foreclosed and Repossessed Assets: $179,830.00

Branch Locations

Branch
Hours of Operation
Member Services
ATM
Drive Thru
Flowood Service Center
2847 Lakeland Dr
Flowood, MS 39232
(601) 977-8300
M-F 8-5:30
Yes
Yes
Yes
Madison Service Center
1770 Highway 51
Madison, MS 39110
(601) 977-8300
MTWT 8:00-6:00F 10:00-6:00
Yes
Yes
Yes

ATM Locations

ATM
Location
Flowood Service Center
2847 Lakeland Dr
Flowood, MS 39232

Grants

Grants received by this credit union.

Grantor
Date Awarded
Amount
Community Development Financial Institution (CDFI)
February 28, 2023
$667,900
NCUA Technical Assistance Program - Community Development Revolving Loan Fund (CDRLF)
August 30, 2021
$50,000
Community Development Financial Institution (CDFI)
June 15, 2021
$1,826,265
Community Development Financial Institution (CDFI)
November 19, 2019
$714,000

Data from https://mapping.ncua.gov/CreditUnionDetails/224

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Member Services

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ATM

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Drive Thru

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ATM

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Drive Thru

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ATM

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ATM

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FAQ

What does a credit union have to offer?

Credit unions are non-for-profit financial cooperatives, owned and controlled by the credit union's members.

What is a cooperative?

Cooperatives, in simplest terms, are institutions that belong to the people that use them.

Is my money safe?

Credit unions are insured up to $250,000 by the National Credit Union Administration (NCUA).

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