Press
Two North Dakota Credit Unions Rated in Top 200 Healthiest Credit Unions in America!
BISMARCK, ND (July 16, 2015) — DepositAccounts.com, an internet financial blog, recently listed the Top 200 Healthiest Credit Unions in America for 2015, and two North Dakota credit unions, Town & Country Credit Union, Minot and First Community Credit Union, Jamestown, were highlighted in the list at numbers 9 and 147 respectively.
DepositsAccounts.com was originally created by Ken Tumin as the Bank Deals Blog, after discovering a shortage of quality and unbiased bank information online. The research company is based in Birmingham, AL., and publishes what is believed to be the largest and most comprehensive resource dedicated to depository savings information.
“It is very exciting to be recognized in the Top Ten List of Healthiest Credit Unions” stated Darrell Olson, president/CEO of Town & Country Credit Union. “Even though we strive to be one of the strongest and healthiest financial institutions in the nation, our primary goal is to provide our members with world class service and continued access to loans and deposit products. In order to achieve that goal, we believe in the importance of actively lending money within the communities we serve. We are proud that the deposits of our members are loaned out and drive local growth.”
Steve Schmitz, president/CEO of First Community Credit Union added, “It is an honor to be named to this list. Our success has been a direct result of the hard work of our employees, the commitment of our Board of Directors, and the support and patronage of our more than 32,000 members.”
“This is indeed exciting news,” says Jeff Olson, interim president-CEO of the Credit Union Association of the Dakotas. “Both Town & Country and First Community Credit Union have had a long, rich and successful history of providing safe and sound financial services to their member owners while helping and improving people’s lives in their communities.”
To determine the Top 200 List, DepositsAccounts.com uses the Texas Ratio formula for deposit growth and capitalization to identify the healthiest credit unions and banks in the country. Developed at RBC Capital Markets, the Texas Ratio is a straightforward and effective way to determine the overall credit troubles experienced by financial institutions. It compares the total value of at risk loans to the total value of funds on hand to cover these loans. At risk loans are any loans that are more than 90 days past due and are not backed by the government. The amount of funds on hand consists of the loan loss allowance that the institution has set aside plus any equity capital.
Headquartered in Bismarck, ND, the Credit Union Association of the Dakotas (CUAD) is the professional financial trade association serving 79 credit unions in North and South Dakota with assets in excess of $6.2 billion and serving over 469,000 credit union members. For more information about CUAD visit our website at www.cuad.coop.