SANTA ROSA, Calif.—Redwood Credit Union here has been ranked as the highest performing credit union in the country in the most recent Credit Union Industry Health Score analysis published by Glatt Consulting.
Glatt Consulting, a firm that studies the financial health of the country’s 6,400 credit unions, annually scores CUs nationwide on financial and operational strength and growth. The ranking is based on data as of Dec. 31, 2014.
Glatt Consulting examines 11 metrics for individual credit unions every quarter and publishes industry-wide findings through a public blog. The 11 metrics used to determine score are: net worth, return on assets, operating expenses, efficiency, loan charge-offs, delinquency, loan growth, deposit growth, loans to deposits, asset growth, and membership growth.
Currently at $2.6 billion in assets, RCU had a record year in 2014 in several performance categories:
• Total assets grew 8.67%, to $2.47 billion.
• Total loans grew 13.56%, to $1.83 billion.
• Net worth grew to 11.4% of assets, from 10.4%.
• Delinquency fell to 0.41% of total loans, down from 0.50%.
“Our strength is a direct result of the relationships we have with our loyal members, and it is because of them that we ended 2014 in the best financial position of RCU’s 65-year history,” CEO Brett Martinez told the Sonoma Index-Tribune.
Of approximately 6,400 credit unions in the country, RCU is ranked 63rd largest in asset size, and is 12th largest in the state of California, the Tribune reported.