8 NW Credit Unions Named to S&P Global Market Intelligence’s 100 Best Credit Unions of 2020
To qualify for the ranking, credit unions earned scores based on member growth, average loans per member, net worth, delinquent loans, and return on average assets.
S&P Global Market Intelligence has released its annual rankings of the 100 top performing U.S. credit unions for 2020. Eight Northwest credit unions made the list, including:
- Cottonwood Community Credit Union – Cottonwood, Idaho
- Idaho Central Credit Union – Chubbuck, Idaho
- Cascade Community Credit Union – Roseburg, Oregon
- Consolidated Community Credit Union (CCCU) – Portland
- OnPoint Community Credit Union – Portland
- Horizon Credit Union – Spokane Valley, Washington
- Salal Credit Union – Seattle
- Spokane Teachers Credit Union (STCU) – Liberty Lake, Washington
According to the data and analytics firm, S&P Global Market Intelligence calculated scores for each credit union based on five metrics: member growth; average loans per member (excluding Paycheck Protection Program loans); net worth as a percentage of total assets; delinquent loans as a percentage of total loans (excluding PPP), and return on average assets.
Each credit union’s standard deviation from the industry average was calculated for every ranking metric, weighted equally, and then combined to derive a performance score. To be included in the ranking, credit unions needed to have more than $100 million in assets as well as a net worth ratio of at least 7% by Dec. 31, 2020. Based on this criteria, 1,727 credit unions across the country qualified for this ranking.
CCCU ranked in the top 20, something the credit union’s President and CEO, Larry Ellifritz, was thrilled and honored to learn.
“It’s a great recognition for our staff and all their hard work to be ranked 14th by S&P Global,” he said. “Nothing comes easy with a financial institution our size, and when you add a pandemic into the mix, it makes this accomplishment even more special.”
Idaho Central attributes its 2020 success to well-supported employees who live the “People Helping People” mission every day.
“At ICCU, we focus our efforts on taking care of our team members every day so they can serve our members and help them achieve financial success,” said President and CEO, Kent Oram. “We’re proud of the way our credit union performs, and we’re honored to be recognized as a top performing credit union in the nation.”
Russell Rosendal, President and CEO of Salal, said the credit union is made stronger through the staunch support of its employees, members, and community.
“We are honored to be included in this distinguished list of credit unions,” Rosendal said. “This milestone is a celebration of the ingenuity, dedication, and adaptability of the Salal staff, along with the careful long-term planning of our Board of Directors. Our success and stability this past year is a testament to the power of the cooperative spirit our credit union was founded on. It shows us once again that when we work together — members, employees, and community — we can accomplish great things.”
The full list of top performing credit unions can be found online.
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