Rating the Credit Unions - from South Florida Business Journal

Thursday, December 18, 2008, 11:45am EST
Bauer Financial ranks credit unions

South Florida Business Journal - by Brian Bandell

After evaluating third quarter financial reports, Coral Gables-based Bauer Financial gave strong ratings to nine of the 10 largest credit unions in South Florida.

The company uses federal regulatory data to rate credit unions based on capital ratio, profit/loss trend, delinquent loans and other factors.

All of the top 10 local credit unions, based on assets, maintained the same star ratings from the second to the third quarter.

The large credit unions Bauer rated five stars (superior) were:


IBM Southeast Employees Credit Union
South Florida Educational Federal Credit Union
Power Financial Credit Union
Dade County Federal Credit Union
Brightstar Credit Union
City County Credit Union of Fort Lauderdale
Velocity Community Credit Union
University Credit Union

The most profitable local credit union in the third quarter was South Florida Educational, with $961,000 in income.

South Florida’s second-largest credit union, Tropical Financial Credit Union, maintained its four-star (excellent) rating. However, Eastern Financial Florida Credit Union, the largest credit union in South Florida with assets of $1.8 billion, received no stars. No other credit union in Florida ranked that low.

Eastern Financial had the lowest capital ratio in the state, and its $18.2 million third quarter loss was the second largest in the state.

Florida’s largest credit union with $6 billion in assets, Suncoast Schools Federal Credit Union in Tampa, received a two-star (problematic) rating. Its $25.7 million third quarter loss was the largest among Florida credit unions.





All contents of this site © American City Business Journals Inc. All rights reserved.