Safe and Sound

GREENVILLE HERITAGE

Greenville, SC
5
Star Rating
Greenville, SC-based GREENVILLE HERITAGE is an NCUA-insured credit union started in 1941. The credit union has $94.8 million in assets, according to December 31, 2017, regulatory filings.

Members have $70.2 million on deposit tended by 37 full-time employees. With that footprint, the credit union holds loans and leases worth $70.2 million. GREENVILLE HERITAGE's 12,318 members currently have $79.5 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, GREENVILLE HERITAGE exhibited a superior condition, earning a full 5 stars for safety and soundness. Keep reading for a breakdown of how the credit union did on the three key criteria Bankrate used to score American credit unions on safety and soundness.

WHAT IS
SAFE AND SOUND?

Find out

THE INSTITUTION'S SCORE

Capital Score

Capital acts as a bulwark against losses and as protection for members when a credit union is experiencing economic instability. It follows then that an institution's level of capital is a crucial measurement of its financial strength. When it comes to safety and soundness, the more capital, the better.

GREENVILLE HERITAGE achieved a score of 22 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.

GREENVILLE HERITAGE's capitalization ratio of 22.00 percent in our test was higher than the average for all credit unions, suggesting that it's stronger than its peers.

Asset Quality Score

This test is intended to estimate how the credit union's reserves set aside to cover loan losses, as well as overall capitalization could be affected by troubled assets, such as past-due mortgages.

Having a large number of these kinds of assets means a credit union may eventually have to use capital to absorb losses, diminishing its equity cushion. Many of those assets are also likely to be in non-accrual status and no longer earning money, resulting in reduced earnings and potentially more risk of a future failure.

GREENVILLE HERITAGE beat out the national average of 38.09 on Bankrate's test of asset quality, racking up 40 out of a possible 40 points .

Troubled assets made up 0.00 percent of GREENVILLE HERITAGE's total assets in our test, beneath 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, increasing its capital cushion, or be used to deal with problematic loans, likely making the credit union more resilient in times of trouble. Losses, on the other hand, reduce a credit union's ability to do those things.

On Bankrate's test of earnings, GREENVILLE HERITAGE scored 14 out of a possible 30, beating the national average of 10.11.

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