Safe and Sound

GREATER CENTENNIAL

Mount Vernon, NY
4
Star Rating
GREATER CENTENNIAL is an NCUA-insured credit union founded in 1969 and currently based in Mount Vernon, NY. Regulatory filings show the credit union having $266,309 in assets, as of December 31, 2017.

The credit union has amassed loans and leases worth $50,696. Its 301 members currently have $244,908 in shares with the credit union.

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

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THE INSTITUTION'S SCORE

Capital Score

When it comes to measuring a credit union's financial stability, capital is key. It acts as a cushion against losses and affords protection for members when a credit union is struggling financially. When it comes to safety and soundness, the more capital, the better.

GREATER CENTENNIAL scored below the national average of 15.65 on our test to measure capital adequacy, receiving a score of 8 out of a possible 30 points.

GREATER CENTENNIAL had a capitalization ratio of 8.00 percent in our test, worse than the average for all credit unions, a sign that it could have a harder time weathering financial trouble than its peers.

Asset Quality Score

In this test, Bankrate tries to estimate the impact of problem assets, such as unpaid mortgages, on the credit union's capitalization and allocated loan loss reserves.

A credit union with large numbers of these kinds of assets could eventually be forced to use capital to absorb losses, diminishing its buffer of equity. Many of those assets are also likely to be in non-accrual status and thus aren't earning money, reducing earnings and elevating the risk of a future failure.

On Bankrate's test of asset quality, GREATER CENTENNIAL scored 28 out of a possible 40 points, below the national average of 38.09 points.

Troubled assets made up 0.00 percent of the credit union's total assets in our test, lower than the national average and suggestive of greater financial strength than other credit unions.

Earnings score

A credit union's profitability 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, likely making the credit union better able to withstand financial shocks. Losses, on the other hand, reduce a credit union's ability to do those things.

GREATER CENTENNIAL outperformed the average on Bankrate's test of earnings, achieving a score of 30 out of a possible 30.

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