Safe and Sound

RICHMOND VIRGINIA FIRE POLICE CREDI

RICHMOND, VA
2
Star Rating
Founded in 1929, RICHMOND VIRGINIA FIRE POLICE CREDI is an NCUA-insured credit union based in RICHMOND, VA. The credit union holds assets of $20.6 million, according to December 31, 2017, regulatory filings.

With 7 full-time employees, the credit union has amassed loans and leases worth $10.8 million. RICHMOND VIRGINIA FIRE POLICE CREDI's 2,495 members currently have $18.1 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, RICHMOND VIRGINIA FIRE POLICE CREDI exhibited a below-average condition, earning 2 out of 5 stars for safety and soundness. Here's a look at how the credit union did on the three important criteria Bankrate used to evaluate American credit unions.

WHAT IS
SAFE AND SOUND?

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THE INSTITUTION'S SCORE

Capital Score

Capital is an important measurement of an institution's financial resilience. It works as a buffer against losses and provides protection for members during periods of financial trouble for the credit union. When it comes to safety and soundness, more capital is better.

RICHMOND VIRGINIA FIRE POLICE CREDI came in below the national average of 15.65 on our test to measure the adequacy of a credit union's capital, receiving a score of 14 out of a possible 30 points.

RICHMOND VIRGINIA FIRE POLICE CREDI's capitalization ratio of 14.00 percent in our test was less than the average for all credit unions, suggesting that it's weaker 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 troubled assets, such as unpaid loans.

A credit union with large numbers of these types of assets could eventually be required to use capital to absorb losses, diminishing its equity cushion. It also means that there are likely to be many assets that are in non-accrual status and no longer earning money, resulting in lower earnings and potentially more risk of a future failure.

On Bankrate's test of asset quality, RICHMOND VIRGINIA FIRE POLICE CREDI scored 36 out of a possible 40 points, lower than the national average of 38.09 points.

Troubled assets made up 0.00 percent of the credit union's total assets in our test, below the national average and potentially indicative of superior financial strength compared to other credit unions.

Earnings score

A credit union's profitability has an effect on its long-term survivability. Earnings may be retained by the credit union, expanding its capital buffer, or be used to deal with problematic loans, potentially making the credit union more resilient in times of trouble. However, credit unions that are losing money have less ability to do those things.

On Bankrate's earnings test, RICHMOND VIRGINIA FIRE POLICE CREDI scored 0 out of a possible 30, coming in below the national average of 10.11.

One indication that RICHMOND VIRGINIA FIRE POLICE CREDI is doing better than its peers in this area was its earnings ratio of 0.00 percent in our test, higher 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.