Safe and Sound

IRON WORKERS

Pittsburgh, PA
1
Star Rating
IRON WORKERS is an NCUA-insured credit union started in 1963 and currently based in Pittsburgh, PA. Regulatory filings show the credit union having $5.7 million in assets, as of December 31, 2017.

Thanks to the efforts of 2 full-time employees, the credit union holds loans and leases worth $2.8 million. IRON WORKERS's 2,837 members currently have $5.2 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, IRON WORKERS exhibited a significantly below-average condition, earning 1 out of 5 stars for safety and soundness. Keep reading for a look at how the credit union faired on the three important criteria Bankrate used to score American credit unions.

WHAT IS
SAFE AND SOUND?

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THE INSTITUTION'S SCORE

Capital Score

Capital works as a bulwark against losses and affords protection for members during periods of economic trouble for the credit union. Therefore, a credit union's level of capital is an important measurement of its financial resilience. From a safety and soundness perspective, more capital is better.

IRON WORKERS received a score of 8 out of a possible 30 points on our test to measure the adequacy of a credit union's capital, less than the national average of 15.65.

IRON WORKERS's capitalization ratio of 8.00 percent in our test was worse than the average for all credit unions, suggesting that it's on less solid financial footing than its peers.

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 past-due mortgages.

Having lots of these kinds of assets suggests a credit union could have to use capital to cover losses, cutting down on its cushion of equity. It also means that there are likely to be many assets that are in non-accrual status and thus aren't earning money, decreasing earnings and elevating the risk of a failure in the future.

On Bankrate's test of asset quality, IRON WORKERS scored 36 out of a possible 40 points, failing to reach the national average of 38.09 points.

A lower-than-average ratio of problem assets of 0.00 percent in our test was 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. A credit union can retain its earnings, boosting its capital cushion, or use them to address problematic loans, potentially making the credit union more resilient in tough times. However, credit unions that are losing money have less ability to do those things.

IRON WORKERS scored 0 out of a possible 30 on Bankrate's test of earnings, less than the national average of 10.11.

One indication that the credit union is outperforming its peers in this area was its earnings ratio of 0.00 percent in our test, better than 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.