St. Paul Federal remains one of the healthiest credit unions in the country
Wednesday, April 19, 2017
CUinsight - ST. PAUL, MN (April 19, 2017) - For the second straight year, St. Paul Federal Credit Union ($158 million in assets) has been recognized as one of the healthiest Credit Unions in the country by DepositAccounts.com. The Credit Union now ranks 7th out of 6,000 Credit Unions, up from 19th last year. Each institution was graded on a number of factors, including capitalization, deposit growth, and loan to reserve ratios.
“How well we perform is just as important as how much we grow,” said President/CEO Tom Glatt. “In 2016 we combined good strong growth across the board with safety and soundness, and it’s nice to be recognized as one of the best in the country.”
For the year ending December 31, 2016, St. Paul Federal scored an “A+” ranking in every evaluation category, which includes capitalization, risk to net worth, and growth, among other factors.
Credit Union Board Chairman Donald A. Sinna added, “We take our responsibilities to protect and strengthen the cooperative very seriously. The volunteers, management team, and employees work in a unified way. We’re extremely proud of these results.”
St. Paul Federal Credit Union was founded in 1953 to serve the members of the International Brotherhood of Electrical Workers Local 110. In 2004 the Credit Union opened its doors to serve the entire city of St. Paul, Minnesota. Today it has more than $158 million in assets and serves more than 11,300 members.
DepositAccounts.com is the largest and most comprehensive online publication in the U.S. dedicated to banking/savings (deposits) information for consumers. It covers all 12,200 federally insured banks and credit unions and utilizes its patented technology to track more than 225,000 consumer deposit rates, each updated nightly. The site features more than 11,000 editorial articles detailing depository strategies and highlighting current bank rates and offers. It is also home to one of the largest communities of depositors on the Web, hosting more than 100,000 comments, customer reviews, and forum threads