Safe and Sound

CHICAGO FIREMANS ASSOC

Chicago, IL
4
Star Rating
Started in 1938, CHICAGO FIREMANS ASSOC is an NCUA-insured credit union headquartered in Chicago, IL. As of December 31, 2017, the credit union had assets of $18.6 million.

Members have $10.7 million on deposit tended by 3 full-time employees. With that footprint, the credit union currently holds loans and leases worth $10.7 million. Its 2,908 members currently have $15.9 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, CHICAGO FIREMANS ASSOC exhibited a good condition, earning 4 out of 5 stars for safety and soundness. Here's a breakdown of how the credit union faired on the three major criteria Bankrate used to score American credit unions.

WHAT IS
SAFE AND SOUND?

Find out

THE INSTITUTION'S SCORE

Capital Score

When it comes to measuring an institution's financial strength, capital is important. It works as a bulwark against losses and as protection for members when a credit union is experiencing financial trouble. When it comes to safety and soundness, the more capital, the better.

CHICAGO FIREMANS ASSOC beat out the national average of 15.65 points on our test to measure capital adequacy, scoring 18 out of a possible 30 points.

CHICAGO FIREMANS ASSOC appears to be stronger than its peers, with a capitalization ratio of 18.00 percent in our test, higher than the average for all credit unions.

Asset Quality Score

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

A credit union with large numbers of these types of assets could eventually be required to use capital to absorb losses, reducing its cushion 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 failure in the future.

CHICAGO FIREMANS ASSOC beat out the national average of 38.09 on Bankrate's test of asset quality, racking up 40 out of a possible 40 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

A credit union's ability to earn money has an effect on its safety and soundness. A credit union can retain its earnings, giving a boost to its capital buffer, or use them to deal with problematic loans, potentially making the credit union better able to withstand economic trouble. Credit unions that are losing money, however, have less ability to do those things.

CHICAGO FIREMANS ASSOC fell short of the national average on Bankrate's test of earnings, achieving a score of 10 out of a possible 30.

CHICAGO FIREMANS ASSOC had an earnings ratio of 0.00 percent in our test, above the average for all credit unions, suggesting that it's beating 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.