Safe and Sound

SCIENCE PARK

NEW HAVEN, CT
3
Star Rating
SCIENCE PARK is a NEW HAVEN, CT-based, NCUA-insured credit union dating back to 1940. Regulatory filings show the credit union having assets of $4.2 million, as of December 31, 2017.

Members have $1.5 million on deposit tended by 2 full-time employees. With that footprint, the credit union holds loans and leases worth $1.5 million. Its 719 members currently have $3.1 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, SCIENCE PARK exhibited a generally satisfactory condition, earning 3 out of 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 score American credit unions.

WHAT IS
SAFE AND SOUND?

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THE INSTITUTION'S SCORE

Capital Score

Capital is a valuable measurement of a credit union's financial resilience. It acts as a bulwark against losses and provides protection for members when a credit union is struggling financially. When it comes to safety and soundness, the higher the capital, the better.

SCIENCE PARK beat out the national average of 15.65 points on our test to measure capital adequacy, racking up 30 out of a possible 30 points.

SCIENCE PARK's capitalization ratio of 30.00 percent in our test was higher than the average for all credit unions, a sign that it's stronger than its peers.

Asset Quality Score

This test's purpose is 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 may eventually be forced to use capital to absorb losses, shrinking its equity buffer. It also means that there are likely to be many assets that are in non-accrual status and thus aren't earning money, reducing earnings and elevating the risk of a future failure.

SCIENCE PARK exceeded the national average of 38.09 on Bankrate's asset quality test, racking up 40 out of a possible 40 points .

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 ability to earn money affects its safety and soundness. Earnings may be retained by the credit union, expanding its capital buffer, or be used to deal with problematic loans, likely making the credit union more resilient in tough times. Conversely, losses reduce a credit union's ability to do those things.

On Bankrate's earnings test, SCIENCE PARK scored 0 out of a possible 30, lower than the national average of 10.11.

One indication that SCIENCE PARK is outperforming 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.