Safe and Sound

GREATER WOODLAWN

BLASDELL, NY
5
Star Rating
BLASDELL, NY-based GREATER WOODLAWN is an NCUA-insured credit union founded in 1968. Regulatory filings show the credit union having $124.0 million in assets, as of December 31, 2017.

With 14 full-time employees, the credit union has amassed loans and leases worth $39.6 million. GREATER WOODLAWN's 16,169 members currently have $98.6 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, GREATER WOODLAWN exhibited a superior condition, earning a full 5 stars for safety and soundness. Keep reading for an analysis of how the credit union faired on the three key 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 works as a bulwark against losses and provides protection for members during times of financial instability for the credit union. It follows then that a credit union's level of capital is a key measurement of its financial fortitude. When it comes to safety and soundness, the more capital, the better.

GREATER WOODLAWN did better than the national average of 15.65 points on our test to measure the adequacy of a credit union's capital, scoring 30 out of a possible 30 points.

GREATER WOODLAWN's capitalization ratio of 30.00 percent in our test was higher than the average for all credit unions, a sign that it's more well prepared for 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 may eventually have to use capital to cover losses, shrinking its equity cushion. It also means that there are likely to be many assets that are in non-accrual status and thus aren't earning interest for the credit union, resulting in depressed earnings and potentially more risk of a failure in the future.

GREATER WOODLAWN did better than the national average of 38.09 on Bankrate's asset quality test, racking up 40 out of a possible 40 points .

A below-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

How successful a credit union is at making money has an effect on 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 more resilient in times of trouble. Conversely, losses take away from a credit union's ability to do those things.

On Bankrate's earnings test, GREATER WOODLAWN scored 8 out of a possible 30, lower than the national average of 10.11.

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