PROVIDENCE – Rhode Island had three of the nation’s 50 top-performing credit unions in 2018, according to newly released rankings from financial analytics and research firm S&P Global Market Intelligence.
That was the best performance among the six New England states, with Massachusetts, New Hampshire and Connecticut each having one credit union on the list.
Navigant Credit Union in Smithfield was ranked No. 13, Pawtucket Credit Union in Pawtucket was ranked No. 16 and Greenwood Credit Union in Warwick was ranked No. 21.
S&P Global compiled the rankings based on five metrics: membership growth, market growth, operating expense compared with operating revenue, average net charge-offs on loans, and total delinquent loans compared with total loans.
Navigant, Rhode Island’s second-largest credit union with nearly $2.2 billion in total assets, last year grew its membership by 12.1 percent, while its market growth came in at 16.1 percent. Its operating expense was 70.7 percent of operating revenue, while net loan charge-offs were 0.1 percent and delinquent loans were 0.6 percent of total loans, according to S&P Global.
Pawtucket, the state’s largest credit union with about $2.3 billion in total assets, last year grew membership by 7.9 percent and market share by 9.3 percent. Operating expense was 64.4 percent of operating revenue, net loan charge-offs were 0.09 percent and delinquent loans were 0.23 percent of total loans.
Greenwood, the state’s third-largest credit union with total assets of $552 million, last year had membership growth of 9.7 percent; market growth of 18.2 percent; operating expense at 73.7 percent of operating revenue; net loan charge-offs of 0.1 percent; and delinquent loans at 0.42 percent.
Greenwood also was the smallest credit union among the top 50, based on total assets. The largest was Boeing Employees Credit Union in Tukwila, Wash., with $19.6 billion in total assets. It ranked No. 46.
The only other New England credit unions to make the list were Direct Federal Credit Union in Needham, Mass., ranked No. 23; Service Credit Union in Portsmouth, N.H., ranked No. 30; and Connex Credit Union Inc. in North Haven, Conn., ranked No. 39.
Overall, the three top-ranked credit unions, in order, were: United States Senate Federal Credit Union in Alexandria, Va.; Lake Michigan Credit Union in Byron Center, Mich.; and Technology Credit Union in San Jose, Calif., according to S&P Global.
Scott Blake is PBN staff writer. Email him at Blake@PBN.com.