Safe and Sound

COREPLUS

Norwich, CT
3
Star Rating
Norwich, CT-based COREPLUS is an NCUA-insured credit union started in 1936. Regulatory filings show the credit union having assets of $205.5 million, as of June 30, 2017.

With 64 full-time employees, the credit union currently holds loans and leases worth $139.6 million. Its 21,004 members currently have $189.2 million in shares with the credit union.

Overall, Bankrate believes that, as of June 30, 2017, COREPLUS exhibited a generally satisfactory condition, earning 3 out of 5 stars for safety and soundness. Keep reading for a breakdown of how the credit union did on the three important criteria Bankrate used to score U.S. credit unions.

WHAT IS
SAFE AND SOUND?

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THE INSTITUTION'S SCORE

Capital Score

Capital is an important measurement of an institution's financial fortitude. It works as a bulwark against losses and provides protection for members when a credit union is struggling financially. From a safety and soundness perspective, the higher the capital, the better.

On our test to measure the adequacy of a credit union's capital, COREPLUS received a score of 6 out of a possible 30 points, falling short of the national average of 15.26.

COREPLUS's capitalization ratio of 7.00 percent in our test was below the average for all credit unions, suggesting that it could be less resilient in a crisis than its peers.

Asset Quality Score

Bankrate uses this test to determine the effect of troubled assets, such as past-due loans, on the credit union's capitalization and allocated loan loss reserves.

A credit union with lots of these kinds of assets may eventually be required to use capital to absorb losses, cutting down on its equity buffer. Many of those assets are also likely to be in non-accrual status and thus aren't earning money, diminishing earnings and elevating the chances of a failure in the future.

COREPLUS scored 36 out of a possible 40 points on Bankrate's asset quality test, less than the national average of 38.15.

Troubled assets made up 9.00 percent of the credit union's total assets in our test, greater than the national average and something to keep an eye on.

Earnings score

A credit union's ability to earn money affects its safety and soundness. A credit union can retain its earnings, expanding its capital buffer, or use them to address problematic loans, likely making the credit union better able to withstand economic trouble. Credit unions that are losing money, however, are less able to do those things.

COREPLUS fell short of the national average on Bankrate's test of earnings, achieving a score of 8 out of a possible 30.

One sign that COREPLUS is beating its peers in this area was its earnings ratio of 4.00 percent in our test, higher than the average for all credit unions.

WHAT IS SAFE & SOUND?

Bankrate.com's Safe & Sound Ratings provide a star rating system to evaluate the current financial status of financial institutions. The information gathered about banks, credit unions and thrifts is updated as set forth in the Terms of Use of Safe & Sound Ratings and Reports. The Safe & Sound Ratings information is grouped by categories of banks, thrifts and credit unions.

Scoring methodology

Bankrate.com evaluates the financial condition of institutions and assigns a one- to five-star rating for each with five stars representing the highest rating. Institutions with satisfactory performance will generally receive a rating of three or more stars. The majority of institutions fall into the three- to four-star range. An institution with an "NR" rating may be too new to rate or may have limited the publicly available information in their regulatory filings. The "NR" is not an indication of financial strength or weakness. The Safe & Sound rating is believed to be reliable, but the information is not guaranteed. In addition, events since the information was collected may have altered the institution's financial condition.