Safe and Sound

FLORIDA WEST COAST

BRANDON, FL
4
Star Rating
Founded in 1991, FLORIDA WEST COAST is an NCUA-insured credit union headquartered in BRANDON, FL. The credit union has assets of $93.3 million, according to December 31, 2017, regulatory filings.

Thanks to the efforts of 29 full-time employees, the credit union has amassed loans and leases worth $44.4 million. Its 9,978 members currently have $82.5 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, FLORIDA WEST COAST 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 score U.S. credit unions.

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SAFE AND SOUND?

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THE INSTITUTION'S SCORE

Capital Score

Capital acts as a bulwark against losses and as protection for members during times of economic trouble for the credit union. Therefore, a credit union's level of capital is a useful measurement of its financial strength. From a safety and soundness perspective, more capital is preferred.

On our test to measure the adequacy of a credit union's capital, FLORIDA WEST COAST received a score of 12 out of a possible 30 points, lower than the national average of 15.65.

FLORIDA WEST COAST's capitalization ratio of 12.00 percent in our test was worse than the average for all credit unions, suggesting that it could be less resilient in a crisis than its peers.

Asset Quality Score

In this test, Bankrate tries to determine the impact of troubled assets, such as past-due loans, on the credit union's reserves set aside to cover loan losses, as well as overall capitalization.

A credit union with extensive holdings of these types of assets could eventually have to use capital to absorb losses, shrinking its equity cushion. Many of those assets are also likely to be in non-accrual status and thus aren't earning interest for the credit union, decreasing earnings and elevating the chances of a failure in the future.

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

Troubled assets made up 0.00 percent of FLORIDA WEST COAST's total assets in our test, below the national average and 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 long-term survivability. Earnings may be retained by the credit union, giving a boost to its capital cushion, or be used to address problematic loans, likely making the credit union better able to withstand economic trouble. Conversely, losses diminish a credit union's ability to do those things.

FLORIDA WEST COAST exceeded the national average on Bankrate's test of earnings, achieving a score of 12 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 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.