Safe and Sound

PORT CONNEAUT

Conneaut, OH
3
Star Rating
PORT CONNEAUT is an NCUA-insured credit union founded in 1958 and currently headquartered in Conneaut, OH. As of December 31, 2017, the credit union had assets of $27.1 million.

Thanks to the work of 11 full-time employees, the credit union holds loans and leases worth $13.7 million. Its 4,257 members currently have $22.3 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, PORT CONNEAUT exhibited a generally satisfactory condition, earning 3 out of 5 stars for safety and soundness. Here's a breakdown of how the credit union faired on the three key criteria Bankrate used to evaluate American credit unions.

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THE INSTITUTION'S SCORE

Capital Score

Capital is an essential measurement of a credit union's financial strength. It works as a cushion against losses and affords protection for members during periods of economic trouble for the credit union. From a safety and soundness perspective, the more capital, the better.

PORT CONNEAUT fell below the national average of 15.65 on our test to measure capital adequacy, receiving a score of 14 out of a possible 30 points.

PORT CONNEAUT had a capitalization ratio of 14.00 percent in our test, worse than the average for all credit unions, suggesting that it could be less resilient in a crisis 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 lots of these kinds of assets may eventually be required to use capital to absorb losses, reducing its equity cushion. Many of those assets are also likely to be in non-accrual status and no longer earning interest for the credit union, reducing earnings and increasing the chances of a failure in the future.

PORT CONNEAUT fell below the national average of 38.09 on Bankrate's test of asset quality, racking up 32 out of a possible 40 points .

The credit union's ratio of problem assets was 0.00 percent in our test, beneath the national average and suggestive of greater financial strength than other credit unions.

Earnings score

A credit union's earnings performance affects its long-term survivability. Earnings may be retained by the credit union, expanding its capital cushion, or be used to deal with problematic loans, potentially making the credit union better able to withstand financial shocks. Conversely, losses diminish a credit union's ability to do those things.

On Bankrate's test of earnings, PORT CONNEAUT scored 2 out of a possible 30, coming in below the national average of 10.11.

One sign that PORT CONNEAUT 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.