Safe and Sound

CHICAGO FIREFIGHTER'S

CHICAGO, IL
5
Star Rating
Founded in 1937, CHICAGO FIREFIGHTER'S is an NCUA-insured credit union headquartered in CHICAGO, IL. As of December 31, 2017, the credit union had assets of $55.9 million.

Members have $32.1 million on deposit tended by 6 full-time employees. With that footprint, the credit union has amassed loans and leases worth $32.1 million. Its 5,167 members currently have $49.0 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, CHICAGO FIREFIGHTER'S exhibited a superior condition, earning a full 5 stars for safety and soundness. Keep reading for an analysis of how the credit union did on the three major criteria Bankrate used to evaluate U.S. credit unions on safety and soundness.

WHAT IS
SAFE AND SOUND?

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THE INSTITUTION'S SCORE

Capital Score

When it comes to measuring an institution's financial stability, capital is crucial. It works as a bulwark against losses and provides protection for members during periods of economic instability for the credit union. From a safety and soundness perspective, the more capital, the better.

On our test to measure capital adequacy, CHICAGO FIREFIGHTER'S received a score of 14 out of a possible 30 points, below the national average of 15.65.

CHICAGO FIREFIGHTER'S had a capitalization ratio of 14.00 percent in our test, lower than the average for all credit unions, suggesting that it could have a harder time weathering financial trouble than its peers.

Asset Quality Score

Bankrate uses this test to determine the impact of troubled assets, such as unpaid mortgages, on the credit union's capitalization and allocated loan loss reserves.

Having lots of these kinds of assets may eventually force a credit union to use capital to cover losses, diminishing its equity buffer. Many of those assets are also likely to be in non-accrual status and no longer earning money, resulting in depressed earnings and potentially more risk of a future failure.

CHICAGO FIREFIGHTER'S scored above the national average of 38.09 on Bankrate's test of asset quality, racking up 40 out of a possible 40 points .

Troubled assets made up 0.00 percent of CHICAGO FIREFIGHTER'S's total assets in our test, below the national average and potentially indicative of superior financial strength compared to other credit unions.

Earnings score

A credit union's profitability affects its long-term survivability. Earnings can be retained by the credit union, boosting its capital cushion, or be used to deal with problematic loans, likely making the credit union better able to withstand financial trouble. Credit unions that are losing money, however, have less ability to do those things.

CHICAGO FIREFIGHTER'S scored 18 out of a possible 30 on Bankrate's test of earnings, beating the national average of 10.11.

CHICAGO FIREFIGHTER'S had an earnings ratio of 0.00 percent in our test, above the average for all credit unions, an indication that it's doing better than 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.