Safe and Sound

600 ATLANTIC

BOSTON, MA
4
Star Rating
BOSTON, MA-based 600 ATLANTIC is an NCUA-insured credit union started in 1946. Regulatory filings show the credit union having $29.4 million in assets, as of December 31, 2017.

Thanks to the work of 4 full-time employees, the credit union holds loans and leases worth $14.4 million. Its 1,590 members currently have $25.8 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, 600 ATLANTIC exhibited a good condition, earning 4 out of 5 stars for safety and soundness. Here's a look at how the credit union faired 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

Capital works as a buffer against losses and affords protection for members during times of financial trouble for the credit union. Therefore, an institution's level of capital is a crucial measurement of its financial fortitude. When it comes to safety and soundness, the more capital, the better.

600 ATLANTIC scored 16 out of a possible 30 points on our test to measure the adequacy of a credit union's capital, beating the national average of 15.65.

600 ATLANTIC had a capitalization ratio of 16.00 percent in our test, the same as the average for all credit unions, an indication that it's right in line with its peers.

Asset Quality Score

In this test, Bankrate tries to estimate the effect of problem assets, such as past-due mortgages, on the credit union's loan loss reserves and overall capitalization.

A credit union with a large number of these kinds of assets could eventually have to use capital to absorb losses, decreasing its equity buffer. It also means that there are likely to be many assets that are in non-accrual status and no longer earning interest for the credit union, resulting in reduced earnings and potentially more risk of a failure in the future.

On Bankrate's test of asset quality, 600 ATLANTIC scored 40 out of a possible 40 points, beating the national average of 38.09 points.

A lower-than-average ratio of troubled assets of 0.00 percent in our test was potentially indicative of greater financial strength than other credit unions.

Earnings score

How successful a credit union is at earning 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 better prepared to withstand financial shocks. Obviously, credit unions that are losing money have less ability to do those things.

600 ATLANTIC underperformed the average on Bankrate's earnings test, achieving a score of 8 out of a possible 30.

One indication that the credit union is beating its peers in this area was its earnings ratio of 0.00 percent in our test, better 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.