Safe and Sound

SCF WESTCHESTER N. Y. EMPLOYEES

WHITE PLAINS, NY
5
Star Rating
SCF WESTCHESTER N. Y. EMPLOYEES is a WHITE PLAINS, NY-based, NCUA-insured credit union started in 1973. The credit union holds $1.5 million in assets, according to December 31, 2017, regulatory filings.

SCF WESTCHESTER N. Y. EMPLOYEES's 293 members currently have $1.2 million in shares with the credit union. With that footprint, the credit union currently holds loans and leases worth $708,690.

Overall, Bankrate believes that, as of December 31, 2017, SCF WESTCHESTER N. Y. EMPLOYEES exhibited a superior condition, earning a full 5 stars for safety and soundness. Here's a breakdown of how the credit union did on the three major criteria Bankrate used to evaluate U.S. credit unions on safety and soundness.

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THE INSTITUTION'S SCORE

Capital Score

When it comes to measuring a credit union's financial resilience, capital is valuable. It works as a cushion against losses and affords protection for members when a credit union is struggling financially. When it comes to safety and soundness, the more capital, the better.

SCF WESTCHESTER N. Y. EMPLOYEES exceeded the national average of 15.65 points on our test to measure the adequacy of a credit union's capital, receiving a score of 30 out of a possible 30 points.

SCF WESTCHESTER N. Y. EMPLOYEES's capitalization ratio of 30.00 percent in our test was better than the average for all credit unions, a sign that it's more well prepared for financial trouble than its peers.

Asset Quality Score

Bankrate uses this test to determine the impact of troubled assets, such as past-due loans, on the credit union's loan loss reserves and overall capitalization.

A credit union with large numbers of these types of assets could eventually be forced to use capital to absorb losses, shrinking its buffer of equity. Many of those assets are also likely to be in non-accrual status and no longer earning money, decreasing earnings and increasing the risk of a failure in the future.

SCF WESTCHESTER N. Y. EMPLOYEES scored 40 out of a possible 40 points on Bankrate's asset quality test, beating the national average of 38.09.

A below-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 earnings performance has an effect on its long-term survivability. A credit union can retain its earnings, increasing its capital buffer, or use them to address problematic loans, potentially making the credit union more resilient in tough times. Obviously, credit unions that are losing money have less ability to do those things.

SCF WESTCHESTER N. Y. EMPLOYEES scored 4 out of a possible 30 on Bankrate's test of earnings, less than the national average of 10.11.

SCF WESTCHESTER N. Y. EMPLOYEES had an earnings ratio of 0.00 percent in our test, higher than the average for all credit unions, suggesting that it's running ahead of 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.