Safe and Sound

GREATER CLEVELAND COMMUNITY

CLEVELAND, OH
5
Star Rating
Started in 1937, GREATER CLEVELAND COMMUNITY is an NCUA-insured credit union headquartered in CLEVELAND, OH. Regulatory filings show the credit union having assets of $6.7 million, as of December 31, 2017.

With 5 full-time employees, the credit union has amassed loans and leases worth $4.8 million. Its 2,347 members currently have $5.2 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, GREATER CLEVELAND COMMUNITY exhibited a superior condition, earning a full 5 stars for safety and soundness. Keep reading for a breakdown of how the credit union faired 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

Capital acts as a cushion against losses and as protection for members during times of economic instability for the credit union. It follows then that when it comes to measuring an a credit union's financial fortitude, capital is crucial. When looking at safety and soundness, more capital is better.

GREATER CLEVELAND COMMUNITY achieved a score of 28 out of a possible 30 points on our test to measure the adequacy of a credit union's capital, better than the national average of 15.65.

GREATER CLEVELAND COMMUNITY appears to be on more solid financial footing than its peers, with a capitalization ratio of 28.00 percent in our test, better than the average for all credit unions.

Asset Quality Score

This test is intended to estimate how the credit union's capitalization and allocated loan loss reserves could be affected by troubled assets, such as unpaid loans.

A credit union with lots of these kinds of assets may 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 money, resulting in depressed earnings and potentially more risk of a failure in the future.

On Bankrate's asset quality test, GREATER CLEVELAND COMMUNITY scored 40 out of a possible 40 points, beating the national average of 38.09 points.

GREATER CLEVELAND COMMUNITY's ratio of troubled assets was 0.00 percent in our test, beneath the national average and suggestive of greater financial strength than other credit unions.

Earnings score

How successful a credit union is at making money affects its safety and soundness. A credit union can retain its earnings, giving a boost to its capital cushion, or put them to work addressing problematic loans, potentially making the credit union better able to withstand economic shocks. Losses, on the other hand, reduce a credit union's ability to do those things.

GREATER CLEVELAND COMMUNITY scored 16 out of a possible 30 on Bankrate's test of earnings, better than the national average of 10.11.

One sign that GREATER CLEVELAND COMMUNITY is doing better than its peers in this area was its earnings ratio of 0.00 percent in our test, above the average for all credit unions.

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.