Overview of Dover Federal Credit Union

First established in 1958, Dover Federal Credit Union is a credit union based in the state of Delaware and also one of the largest credit unions in the country. It is the 2nd largest credit union operating in the state of Delaware as measured by total assets and also in terms of the number of members. The credit union falls under the category: multiple common bond – primarily military. Credit unions are regulated by the National Credit Union Administration (NCUA), which is an independent agency that was created by the U.S. government in 1970. The NCUA also insures customer deposits at credit unions in the country. The company has a total of 8 branches and employs a total of 125 employees.

Who Can Join?

To join the credit union, individuals need to fall under one of the below categories:

  • U.S. Government Military personnel with duty locations in Delaware
  • U.S. Government civilian employees working in Kent & Sussex County, DE
  • Military & civilian personnel of the Delaware National Guard
  • Personnel who are eligible to receive benefits from Dover Air Force Base
  • Other employees & contractors who work regularly at Dover Air Force
  • Base Military reserve personnel at locations in Delaware
  • Members of the Civil Air Patrol in Delaware
  • Persons who have retired from any of the above.
  • In addition, family members of current Dover Federal Credit Union members are eligible to join as well as employees of Bayhealth and Dover Downs.
  • Members of Friends of Bombay Hook also can enjoy the benefits associated with being part of the credit union.

Overview of the Credit Union’s Assets and Liabilities

Some of the key components of the credit union’s balance sheet are total assets of $611 million, total loans extended to customers of $562 million and customer deposits of $435 million. The credit union also has a loan to deposit ratio of 77% which is higher than the average credit union of similar size. The loan to deposit ratio is a good way to assess how liquid a bank or credit union’s balance sheet is. Lastly, Dover Federal Credit Union’s loan portfolio mainly consists of auto loans and mortgages and lines of credit which represent 52% and 20% of its loan book and had outstanding balances of $227 million and $86 million, respectively.

Contact and Other Helpful Information

  • Main Office Address: 1075 Silver Lake Blvd, Dover, DE 19904-2411
  • Website: http://doverfcu.com
  • Phone: (302) 678-8000
  • Charter Number: 12443
  • Charter Year: 1958
  • Employees: 125
  • Routing Number: 231176648
  • Membership: On average, credit unions in Delaware each have 15,140 members while across the United States the equivalent figure is 25,779. By comparison, Dover Federal Credit Union has total members of 43,845 which is significantly larger than the average credit union in the state. Over the past three years, the credit union’s total base of members has increased by 8%.

Dover Federal Credit Union: Financial Overview

dover federal credit union-balance-sheet-metrics

Detailed above is a chart showing the progression of four important balance sheet items over the past year for Dover Federal Credit Union. Assets and total loans for the credit union have expanded by 9.9% and increased by 11.9%, respectively. In addition, the company’s auto loans, which as noted earlier is the largest portion of the loan book, has expanded by 22.7%. Lastly, the credit union’s deposits have grown by 13.1%. A credit union’s net worth is a good proxy for the value that a credit union has accrued over time. Based on the latest available information, Dover Federal Credit Union’s net worth stands at $45 million. This implies that the credit union has a net worth per member of $1,023 which is below the national average of $1,606.

Overview of the Credit Union’s Performance Metrics

dover federal credit union-selected-performance-metrics

In the above chart we have displayed three statistics that are important in evaluating a credit union’s performance and shown how Dover Federal Credit Union compares on these metrics, in addition to detailing how the credit union performed on each metric in the prior year. If we take a look at Dover Federal Credit Union’s return on assets – which is usually a good measure of how efficiently a company is using its assets to produce profits – we see that the credit union is below the average comparable credit union and also that over the past year ROA has improved substantially given the year over year change of 0.40%. Moving on to the credit union’s delinquency rate, which tells us how much of a credit union’s loan book is delinquent, the credit union is well above its peer group on this metric and compared with the prior year it has improved. Keep in mind that a higher delinquency rate indicates a lower performing loan book so a declining rate is a favorable trend. The net worth ratio for the credit union is 7.3% and has been relatively stable compared with the prior year figure of 7.4%. The credit union is also below its peer group average of 9.8% on this metric. Finally, based on the NCUA guidelines, the company’s net worth ratio would classify it as well capitalized.


After factoring in all the relevant information and data, our final rating for Dover Federal Credit Union is 2.0 out of 5.0, which is below average. As a final note, please remember that our rating is the product of a proprietary scoring methodology which uses nationwide data for credit unions and our survey work. Importantly, none of the work presented herein is intended to be investment advice or advice of any sort and is presented purely for informational purposes.