Safe and Sound

360

WINDSOR LOCKS, CT
1
Star Rating
Founded in 1952, 360 is an NCUA-insured credit union headquartered in WINDSOR LOCKS, CT. The credit union has assets of $224.1 million, according to December 31, 2017, regulatory filings.

Members have $161.3 million on deposit tended by 53 full-time employees. With that footprint, the credit union currently holds loans and leases worth $161.3 million. 360's 17,226 members currently have $201.9 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, 360 exhibited a significantly below-average condition, earning 1 out of 5 stars for safety and soundness. Here's a look at how the credit union did on the three major criteria Bankrate used to score U.S. credit unions.

WHAT IS
SAFE AND SOUND?

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THE INSTITUTION'S SCORE

Capital Score

When it comes to measuring an institution's financial strength, capital is important. It works as a buffer against losses and as protection for members when a credit union is struggling financially. When looking at safety and soundness, more capital is better.

360 fell below the national average of 15.65 on our test to measure capital adequacy, receiving a score of 8 out of a possible 30 points.

360 appears to be weaker than its peers in this area, with a capitalization ratio of 8.00 percent in our test, lower than the average for all credit unions.

Asset Quality Score

This test is intended to estimate how the credit union's loan loss reserves and overall capitalization could be affected by problem assets, such as past-due mortgages.

A credit union with large numbers of these kinds of assets could eventually be forced to use capital to absorb losses, reducing its buffer of equity. Many of those assets are also likely to be in non-accrual status and thus aren't earning interest for the credit union, resulting in reduced earnings and potentially more risk of a future failure.

On Bankrate's test of asset quality, 360 scored 32 out of a possible 40 points, below the national average of 38.09 points.

360's ratio of troubled assets was 0.00 percent in our test, below the national average and potentially indicative of superior financial strength compared to other credit unions.

Earnings score

How successful a credit union is at making money has an effect on its long-term survivability. Earnings may be retained by the credit union, giving a boost to its capital cushion, or be used to deal with problematic loans, likely making the credit union more resilient in times of trouble. However, credit unions that are losing money are less able to do those things.

360 did below-average on Bankrate's earnings test, achieving a score of 0 out of a possible 30.

360 had an earnings ratio of 0.00 percent in our test, better than the average for all credit unions, an indication that it's outperforming 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.