Meritrust ranked 20th best-performing credit union in the country
06/21/2012 5:00 AM
06/22/2012 7:31 AM
Meritrust, the state’s largest credit union, has been ranked the 20th best-performing credit union in the country.
Virginia-based SNL Financial, a financial services industry analysis firm, awarded the ranking to Wichita-based Meritrust based on six metrics: return on average assets; net charge-offs to average loans; operating expenses as a percent of operating loans; delinquent loans as a percent of total loans; market growth; and net interest margin as a percent of average assets.
“I think we run a great organization, so I was pleased to see that was reinforced by (the ranking),” said Bob Corwin, Meritrust president and CEO.
“I have a feeling a lot of that was driven by the fact that we were able to continue providing credit and grow loans during that period of time when many institutions were contracting on the lending side.”
Meritrust, which has $821 million in assets, had an ROAA (return on average assets) of 1.01 percent, 16 percent market growth and a net interest margin of 4.4 percent.
SNL said Meritrust’s net interest margin was the second-highest among the top 50.
SNL said it looked at 400 credit unions in the country that had at least $500 million in assets, and which also were sufficiently capitalized and had a net worth ratio of at least 7 percent.
Meritrust was the only credit union in Kansas to be included in the ranking of the 50 best-performing credit unions.
Texas had the most credit unions in the top 50 ranking with eight.
Melrose Credit Union, based in Briarwood, N.Y., with $1.7 billion in assets, was ranked No. 1 in the country.
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