West Michigan credit unions rank among 'best performing' in US
A pair of credit unions in the region rank among the top 50 in the country.
S&P Global Market Intelligence, a provider of financial and industry research, ranks Grand Rapids-based Lake Michigan Credit Union No. 2 and Kalamazoo-based Consumers Credit Union No. 24 in its ranking of the 50 “Best-performing credit unions of 2015” in the U.S.
S&P Global Market Intelligence says Lake Michigan Credit Union, or LMCU, had total assets of more than $4 billion, member growth of 11.6 percent, an efficiency ratio of 63.04 percent and market growth of nearly 15.7 percent. Previously in the ranking, LMCU placed fifth in 2014 and 2013 and sixth in 2012.
Consumers Credit Union had total assets of $674.5 million, member growth of 12.82 percent, an efficiency ratio of 74.2 percent and market growth of 16.4 percent.
S&P Global Market Intelligence ranked eligible credit unions throughout the nation based on five core financial performance metrics: member growth; net charge-offs as a percentage of average loans; efficiency ratio; asset quality; and market growth.
Credit unions across the country are eligible for the ranking if they reported more than $500 million in total assets and had a net worth ratio of at least seven percent as of the year ended Dec. 31, 2015. There were about 488 credit unions that qualified for this year’s ranking.
The rankings are based on each credit union’s standard deviation from the mean for each of the five core performance metrics and then weighted and added together to create a performance score.
Elsewhere in Michigan
Genisys Credit Union in Auburn Hills ranks No. 13.
The financial institution had nearly $2 billion in assets, 20.6-percent member growth and more than 21-percent market growth.
For the fourth consecutive year, the top-performing credit union in the country is Idaho Central Credit Union.
It saw assets grow by 30.5 percent to reach $2.42 billion, member growth of 17.75 percent and market growth of 21.67 percent.