Safe and Sound

SEVEN SEVENTEEN

Warren, OH
5
Star Rating
Founded in 1957, SEVEN SEVENTEEN is an NCUA-insured credit union based in Warren, OH. As of December 31, 2017, the credit union held assets of $976.0 million.

Thanks to the efforts of 279 full-time employees, the credit union currently holds loans and leases worth $813.1 million. SEVEN SEVENTEEN's 79,661 members currently have $808.5 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, SEVEN SEVENTEEN exhibited a superior condition, earning a full 5 stars for safety and soundness. Here's a look at how the credit union faired on the three important criteria Bankrate used to score U.S. credit unions on safety and soundness.

WHAT IS
SAFE AND SOUND?

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THE INSTITUTION'S SCORE

Capital Score

Capital acts as a bulwark against losses and provides protection for members during periods of economic trouble for the credit union. Therefore, an institution's level of capital is a valuable measurement of its financial strength. When looking at safety and soundness, the more capital, the better.

SEVEN SEVENTEEN beat out the national average of 15.65 points on our test to measure the adequacy of a credit union's capital, racking up 20 out of a possible 30 points.

SEVEN SEVENTEEN's capitalization ratio of 20.00 percent in our test was better than the average for all credit unions, suggesting that it's on more solid financial footing than its peers.

Asset Quality Score

This test's purpose is to estimate how the credit union's capitalization and allocated loan loss reserves could be affected by troubled assets, such as unpaid mortgages.

A credit union with extensive holdings of these types of assets may eventually be forced to use capital to absorb losses, decreasing its cushion of equity. 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.

SEVEN SEVENTEEN scored 40 out of a possible 40 points on Bankrate's asset quality test, beating out the national average of 38.09.

SEVEN SEVENTEEN's ratio of problem assets was 0.00 percent in our test, lower than the national average and potentially indicative of superior financial strength compared to other credit unions.

Earnings score

How successful a credit union is at earning money affects its long-term survivability. Earnings may be retained by the credit union, giving a boost to its capital cushion, or be used to address problematic loans, potentially making the credit union better prepared to withstand financial trouble. However, credit unions that are losing money have less ability to do those things.

SEVEN SEVENTEEN scored 16 out of a possible 30 on Bankrate's test of earnings, exceeding the national average of 10.11.

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