April 25, 2013

Report: Credit Union of America 20th best-performing credit union in country

Credit Union of America is one of the nation’s best-performing credit unions.

Credit Union of America is one of the nation’s best-performing credit unions.

The Wichita-based credit union was the only Kansas credit union to make SNL Financial’s list of 50 best-performing credit unions. The financial services analysis firm released the list Thursday.

CUA, with $502 million in assets, ranked 20th.

“Overall we’re very pleased just having received such a favorable ranking,” said Jane Hammil, CUA senior vice president and chief administrative officer.

SNL said it used five financial performance metrics for inclusion on the list: member growth; net charge-offs as a percentage of average loans; operating expenses as a percentage of operating revenue; delinquent loans as a percentage of total loans; and market growth.

According to data from SNL, based on regulatory filings for the year ended Dec. 31, 2012, CUA was one of only two credit unions in the top 50 to have more than 25 percent growth in market share and membership. It said CUA’s member growth was 27.59 percent and market share growth was 29.17 percent.

Hammil said CUA’s membership and deposit growth were helped by its acquisition last year of First Choice Credit Union.

“We added roughly 8,000 members with the First Choice acquisition,” she said.

But, Hammil added, CUA exceeded its peer growth rates in terms of organic growth, which is growth achieved largely without the benefit of an acquisition.

She said according to National Credit Union Administration peer data, membership growth averaged 3.97 percent in 2012. Hammil said CUA’s organic membership growth rate in that period was 7 to 8 percent. In terms of market share, she said CUA had growth above the peer average of 7.46 percent in 2012.

SNL said 410 credit unions with assets of more than $500 million were eligible for the analysis. It also said data for three Kansas credit unions were analyzed for the report. It did not identify the other two Kansas credit unions.

Idaho Central Credit Union in Chubbuck, Idaho, ranked No. 1 on this year’s list.

Texas and California had the most credit unions in the top 50, with five apiece.

Last year, Wichita-based Meritrust Credit Union was ranked the 20th best-performing credit union in the country.

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