Safe and Sound

CHICAGO AVENUE GARAGE

Chicago, IL
4
Star Rating
CHICAGO AVENUE GARAGE is an NCUA-insured credit union founded in 1937 and currently headquartered in Chicago, IL. The credit union has $6.0 million in assets, according to December 31, 2017, regulatory filings.

The credit union holds loans and leases worth $1.4 million. CHICAGO AVENUE GARAGE's 730 members currently have $3.5 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, CHICAGO AVENUE GARAGE exhibited a good condition, earning 4 out of 5 stars for safety and soundness. Here's an analysis of how the credit union faired on the three major criteria Bankrate used to evaluate U.S. credit unions.

WHAT IS
SAFE AND SOUND?

Find out

THE INSTITUTION'S SCORE

Capital Score

Capital is a crucial measurement of a credit union's financial strength. It works as a bulwark against losses and provides protection for members when a credit union is experiencing financial trouble. When it comes to safety and soundness, more capital is better.

On our test to measure capital adequacy, CHICAGO AVENUE GARAGE achieved a score of 30 out of a possible 30 points, above the national average of 15.65.

CHICAGO AVENUE GARAGE had a capitalization ratio of 30.00 percent in our test, higher than the average for all credit unions, a sign that it's stronger than its peers.

Asset Quality Score

In this test, Bankrate tries to estimate the effect of troubled assets, such as unpaid loans, on the credit union's loan loss reserves and overall capitalization.

Having large numbers of these kinds of assets means a credit union could have to use capital to cover losses, decreasing its equity buffer. It also means that there are likely to be many assets that are in non-accrual status and thus aren't earning money, resulting in lower earnings and potentially more risk of a failure in the future.

CHICAGO AVENUE GARAGE scored 36 out of a possible 40 points on Bankrate's test of asset quality, coming in below the national average of 38.09.

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, boosting its capital buffer, or put them to work addressing problematic loans, likely making the credit union more resilient in times of trouble. Conversely, losses lessen a credit union's ability to do those things.

CHICAGO AVENUE GARAGE fell short of the national average on Bankrate's earnings test, achieving a score of 0 out of a possible 30.

The credit union had an earnings ratio of 0.00 percent in our test, higher than the average for all credit unions, a sign 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.