Another year of strong results has vaulted California State & Federal Employees Credit Union 42 spots higher to 75th place—moving us into the top 1.3% among credit unions nationwide in rankings compiled by DepositAccounts.com, an unbiased, comprehensive financial institution ranking website. Building on an impressive showing last year, CSFECU’s performance puts us among the most elite of the 5,906 credit unions ranked this year, using criteria that takes into account financial stability, financial and membership growth and capitalization.
“This is amazing and gratifying, to improve so much by serving our members,” said CSFECU CEO Ray Litchfield. “We knew with last year’s ranking we were on the right track, and with the improvement this year it proves that our approach is working for our members. It’s a daily process of evaluating what we can do better, whether through innovative electronic services, improving our rates for savers and borrowers…or making sure we know the name of every member who walks through the door. We’re all about meeting the needs of our members, and these rock-solid results show that it’s resonating with our community.”
Each year DepositAccounts.com, the largest online publication in the U.S. dedicated to banking information for consumers, evaluates the financial health of every federally insured credit union in the U.S. Each institution is graded on a number of factors, including capitalization, deposit growth, and loan to reserve ratios, in order to determine a comprehensive health score.
From the list of 5,906 credit unions, DepositAccounts.com recognizes those who have shown exceptional fiduciary responsibility in its 2016 edition of the Top 200 Healthiest Credit Unions in America. Especially highly rated were the credit union’s Texas Ratio and Capitalization.
The Texas Ratio is an indicator of how much capital a credit union or bank has available compared to the total value of loans considered at risk. CSFECU’s Texas Ratio was calculated at 0.18%, rated as A+ and a significant improvement from last year’s then-excellent ratio.
The credit union’s Capitalization level of 13.95% also netted them an A+ score. Both FDIC and NCUA consider capitalization levels of credit unions and banks to be of high importance. Higher capitalization allows for a greater buffer to cover loans that may fail in the future.
Also of note was the credit union’s deposit growth, which showed a 3.75% increase for the year, similar growth to last year.
California State and Federal Employees Credit Union serves more than 5,300 members in Humboldt, Del Norte or Trinity counties. Membership is open to a wide range of groups, including current or retired federal or state employees, Humboldt University students, staff and alumni, current or retired members of the US Armed Forces and more. For more information, visit www.csfecu20.com.