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Listerhill Credit Union is a nonprofit financial cooperative improving lives in our community.
If you live in Alabama, Georgia, Mississippi, Florida, or Tennessee, you are eligible to become a member. Depending on your individual eligibility, we may require membership into an approved association at no cost to you.
You can also qualify for membership by being a family member of a current or potential Listerhill member.
With only $5, you can join Listerhill today and start taking advantage of a lifetime membership.
All branches will be self-service only Tuesday, November 11th, for Veterans Day. Normal business hours will resume Wednesday, November 12th. Smart ATMs and Online and Mobile Banking will remain available.
In 1937, Richard S. Reynolds traveled to Europe in search of aluminum sources for his company, Reynolds Metals. When he returned, Reynolds shared with Congress stories about the arsenal Adolf Hitler was building in Germany.
U.S. Sen. Lister Hill, of Alabama, listened, and the two persuaded Congress it was in the best interest of the nation to begin producing military airplanes. The local Reynolds plant was created along with a new community, aptly named Listerhill, and supplied the nation with airplanes during World War II from 1942-45. After the war, the plant started producing Reynold's aluminum foil and has long been a key employer in the Shoals.
In 1952, ten years after the aluminum plant opened, seven Reynolds Metals employees came together to combat the growing issue of predatory lending to other vulnerable plant workers. At the time, loan sharks would lend money with outrageous interest rates and sometimes never-ending terms. With just $5 each and a passionate idea of creating a cooperative that benefited and protected each other, these seven men founded Listerhill Credit Union.
Operation of the credit union humbly began inside the Reynolds Metals plant in 1953. Shortly thereafter, Listerhill Credit Union would build its headquarters across the street where its main office currently resides.
Mr. Cyril B. Mann was co-founder and elected chairman of Listerhill Credit Union's Board of Directors for more than 57 years, recognized by the World Council of Credit Unions as the longest-serving board chairman in credit union history. In 2012, Mr. Mann was posthumously inducted into the Credit Union House Hall of Leaders. His selfless devotion to Listerhill and dedication to the credit union philosophy of people helping people continues to be an inspiration to everyone who shares in the mission.
Over the next several decades, Listerhill would grow to expand its service footprint by working with more employer groups and adding value to its expanding membership. This also meant the credit union was opening branches across northwest Alabama and serving thousands of new members while offering new and innovative products and services.
Today, at $1 billion in assets, Listerhill Credit Union is the seventh largest credit union in Alabama serving 100,000 members across two states. Our comprehensive offering of financial services prepare members for every stage of life.
Our innovative retail model and branch design is writing the script for financial institutions across the southeast. In fact, Listerhill was named the Best Credit Unions in Alabama by Forbes magazine and is a certified Great Place to Work.
Listerhill passionately continues its commitment in serving the local community with integrity while striving for excellence and innovation.
Listerhill was recently certified through August 2022 as a Great Place To Work. 97% of our employees said that Listerhill is a great place to work based on our culture and benefits. Some terms that were used when employees were asked to explain why Listerhill is a great workplace include "Family", "Community", and "Care".
Listerhill was honored to be named as the best credit union in Alabama by Forbes.com for overall recommendations and satisfaction, as well as five subdimensions: trust, terms and conditions, branch services, digital services and financial advice.
Listerhill proudly received the Shoals Chamber Business Excellence Award for Large Business of the Year from the Shoals Chamber of Commerce. The recognition focused on making a significant, positive impact upon the local community and the local economy.
Yes, you need to be a Listerhill member to apply for loans. To qualify for membership with Listerhill, you must meet one of the following requirements:
Your credit history is extremely important to lenders when deciding whether to offer you a loan, because it provides an indication of how likely you are to pay back what you owe. This helps lenders determine how much of a risk you are. Typically, the better your credit history, the less risky you appear to lenders, and the better (lower) the interest rate you are likely to be offered.
Lenders do, however, look at other factors such as income, job stability, and existing debts. Credit unions like Listerhill are also known for taking a more holistic look at their members’ finances when deciding whether to approve a loan, rather than relying solely on the numbers.
A down payment of up to 20% is considered good by many lenders. This gives you a significant stake in the property that you are borrowing money to buy. Lenders see a substantial down payment as a good indicator that you will continue to make payments because you risk losing your own money if you do not. Typically, you’ll get a lower mortgage interest rate the more money you are able to put down, although lenders do look at other factors as well.
Your debt-to-income (DTI) ratio compares your monthly debt payments relative to your gross monthly income. Mortgage lenders use it to evaluate how well you manage debt and whether you can afford a new loan. A lower DTI generally makes it easier to qualify for mortgages and other loans. For conventional home loans, many lenders look for a DTI below 43%.
Assuming you borrowed $300,000 on a fixed 25 year mortgage loan at a current average annual percentage rate (APR), you could expect to pay about $2,120 per month (not including taxes and insurance premiums). This does not include any down payment you might make on the total purchase price of the house.