Safe and Sound

METRO NORTH

JACKSONVILLE, FL
5
Star Rating
Started in 1954, METRO NORTH is an NCUA-insured credit union headquartered in JACKSONVILLE, FL. Regulatory filings show the credit union having $17.2 million in assets, as of December 31, 2017.

Thanks to the work of 5 full-time employees, the credit union holds loans and leases worth $9.0 million. METRO NORTH's 1,728 members currently have $13.9 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, METRO NORTH 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 evaluate U.S. credit unions on safety and soundness.

WHAT IS
SAFE AND SOUND?

Find out

THE INSTITUTION'S SCORE

Capital Score

Capital works as a bulwark against losses and as protection for members when a credit union is struggling financially. Therefore, a credit union's level of capital is an important measurement of its financial fortitude. When looking at safety and soundness, the more capital, the better.

On our test to measure capital adequacy, METRO NORTH racked up 28 out of a possible 30 points, better than the national average of 15.65.

METRO NORTH's capitalization ratio of 28.00 percent in our test was higher than the average for all credit unions, an indication that it could have an easier time weathering financial trouble than its peers.

Asset Quality Score

This test is intended to try to understand how the credit union's capitalization and allocated loan loss reserves could be affected by problem assets, such as past-due loans.

A credit union with a large number of these types of assets may eventually be forced to use capital to cover losses, decreasing its equity buffer. It also means that there are likely to be many assets that are in non-accrual status and no longer earning money, resulting in diminished earnings and potentially more risk of a failure in the future.

On Bankrate's test of asset quality, METRO NORTH scored 40 out of a possible 40 points, better than the national average of 38.09 points.

A below-average ratio of troubled assets of 0.00 percent in our test was potentially indicative of superior financial strength compared to other credit unions.

Earnings score

A credit union's ability to earn money has an effect on its long-term survivability. Earnings can be retained by the credit union, boosting its capital buffer, or be used to deal with problematic loans, potentially making the credit union more resilient in tough times. Obviously, credit unions that are losing money are less able to do those things.

On Bankrate's earnings test, METRO NORTH scored 4 out of a possible 30, falling short of the national average of 10.11.

The credit union had an earnings ratio of 0.00 percent in our test, above the average for all credit unions, a sign 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.