Safe and Sound

GREAT LAKES MEMBERS

Dearborn, MI
5
Star Rating
GREAT LAKES MEMBERS is an NCUA-insured credit union founded in 1941 and currently based in Dearborn, MI. Regulatory filings show the credit union having assets of $9.7 million, as of June 30, 2017.

Members have $4.3 million on deposit tended by 5 full-time employees. With that footprint, the credit union holds loans and leases worth $4.3 million. Its 1,170 members currently have $7.0 million in shares with the credit union.

Overall, Bankrate believes that, as of June 30, 2017, GREAT LAKES MEMBERS exhibited a superior condition, earning a full 5 stars for safety and soundness. Keep reading for an analysis of how the credit union faired on the three key criteria Bankrate used to score American credit unions on safety and soundness.

WHAT IS
SAFE AND SOUND?

Find out

THE INSTITUTION'S SCORE

Capital Score

Capital is a key measurement of an institution's financial resilience. It works as a buffer against losses and affords protection for members during periods of economic trouble for the credit union. When looking at safety and soundness, the more capital, the better.

GREAT LAKES MEMBERS did better than the national average of 15.26 points on our test to measure capital adequacy, achieving a score of 30 out of a possible 30 points.

GREAT LAKES MEMBERS's capitalization ratio of 27.00 percent in our test was higher than the average for all credit unions, suggesting that it's stronger than its peers.

Asset Quality Score

This test is intended to try to understand how the credit union's capitalization and allocated loan loss reserves could be affected by troubled assets, such as past-due loans.

Having lots of these types of assets means a credit union could eventually have to use capital to cover 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, resulting in reduced earnings and potentially more risk of a failure in the future.

GREAT LAKES MEMBERS scored 40 out of a possible 40 points on Bankrate's asset quality test, beating the national average of 38.15.

Earnings score

How successful a credit union is at making money has an effect on its long-term survivability. A credit union can retain its earnings, increasing its capital buffer, or put them to work addressing problematic loans, potentially making the credit union more resilient in times of trouble. Credit unions that are losing money, however, have less ability to do those things.

GREAT LAKES MEMBERS received below-average marks on Bankrate's earnings test, achieving a score of 0 out of a possible 30.

GREAT LAKES MEMBERS had an earnings ratio of -6.00 percent in our test, below the average for all credit unions, suggesting that it's running behind its peers in this area.

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.