Tuesday, March 31, 2020

S&P Global: Lake Michigan CU Top Performing CU in 2019

S&P Global Market Intelligence released its annual rankings for the top performing credit unions in 2019.

S&P Global Market Intelligence ranked the nation's credit unions using five core financial performance metrics: member growth, market growth, operating expense as a percentage of operating revenue, net charge-offs as a percentage of average loans, and delinquent loans as a percentage of total loans. To be eligible for the ranking, a credit union had to report more than $500 million in total assets and a net worth ratio of at least 7.0% as of Dec. 31, 2019.

This year's top performing credit union was Lake Michigan Credit Union (Byron Center, MI). The credit union outperformed the industry median in all five ranking metrics allowing it to surpass its 2018 second place ranking.

MidFlorida Credit Union (Lakeland, FL) was the second ranked credit union. S&P Global Market Intelligence cited that the credit union benefits from its merger and acquisition activity in 2019, including the acquisition of the Florida assets of First American Bank (Fort Dodge, IA) and Community Bank and Trust of Florida.

Rounding out the top 5 were Stanford Federal Credit Union (Palo Alto, CA), Idaho Central Credit Union (Chubbuck, ID), and Eastman Credit Union (Kingsport, TN).

Read more.

1 comment:

  1. This is a fantastic credit union with really nice people on the phone. So much better than the big banks



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