Tropical Financial Credit Union: Comprehensive Company and Competitor Profile

Company Overview

Tropical Financial Credit Union (TFCU) is a leading not-for-profit financial cooperative based in Miramar, Florida. Founded in 1935, TFCU offers services to over 67,000 members throughout South Florida, emphasizing community enhancement and financial empowerment through an array of financial products such as mortgages, car loans, and business loans.

Mission and Values

Dedicated to helping its members achieve financial success, TFCU's mission revolves around providing valuable products, services, and education. It strives to serve as a supportive community rather than just a banking service. The credit union commits to offering best-in-class rates and personalized financial products, aiming to transform its members' financial goals into reality.

Community Engagement

TFCU is heavily involved in community initiatives, demonstrating active partnerships with entities like the Florida Panthers and the South Florida Red Cross Chapter. These collaborations highlight TFCU's dedication to community well-being and resilience, enhancing its brand image and local safety contributions.

Financial Standing and Performance

TFCU boasts approximately $43.9 million in annual revenue, serving its members with comprehensive financial services including digital banking, business checking, and loans. Operating with around 190 employees, TFCU reported saving its members over $4.5 million last year. The credit union has shown a 6% growth in employee numbers over the past year, signifying positive organizational expansion and a revenue of around $231,000 per employee.

Management Team

The TFCU leadership includes:

Rick Shaw, President & CEO, steering the strategic direction since 2022 with a background as JD and CPA.

Erick Padron, Vice President of Lending, promoted recently in 2024, bringing 25 years of dedicated service to TFCU.

Amy McGraw, Vice President of Marketing & Chief Experience Officer, spearheading innovative marketing and enhancing member experiences.

Other Key Personnel Include:

Richard Helber, former CEO

Brian Burress, VP

Robert Smith, Information Security Officer

Social Footprint and Online Presence

TFCU actively engages with its community via social media platforms such as LinkedIn and Instagram, effectively sharing financial advice and product updates. Their digital presence strengthens member interaction and builds potential member bases.

Location and Accessibility

TFCU membership is accessible to individuals residing or working in Miami-Dade, Broward, Palm Beach, St. Lucie, Martin, Hendry, Collier, Lee, and Sarasota counties. Employees of TFCU Partner Companies are also eligible. The credit union is federally insured by the National Credit Union Administration, ensuring security for its members.

Competitor Landscape

TFCU operates in a competitive financial landscape, confronting various financial entities. Prominent competitors include:

1. Amuni Financial

Revenue: $5M

Employees: 30

Employee Growth: 7%

2. CaptiveOne Advisors

Revenue: $2.1M

Employees: 17

Growth: -26%

3. Columbus Capital Lending

Revenue: $43.2M

Employees: 187

Employee Growth: -2%

4. Latin American Financial

Revenue: $18.9M

Employees: 90

Employee Growth: 18%

Other competitors include Gesa Credit Union, Simmons Bank, TDECU, and Suncoast Credit Union. TFCU strongly positions itself within the financial services sector, supported by competitive banking rates available across Florida.

Strategic Insights

TFCU's solid revenue and steady personnel growth affirm its competitive marketplace position. Its focus on competitive rates and customer-centric services differentiates it in the saturated South Florida financial landscape. Leveraging its not-for-profit nature and regional presence can attract customers seeking personalized, community-oriented financial solutions.