Safe and Sound

SING SING EMPLOYEES

Ossining, NY
5
Star Rating
Started in 1941, SING SING EMPLOYEES is an NCUA-insured credit union based in Ossining, NY. The credit union holds $9.2 million in assets, according to December 31, 2017, regulatory filings.

Members have $4.6 million on deposit tended by 4 full-time employees. With that footprint, the credit union currently holds loans and leases worth $4.6 million. SING SING EMPLOYEES's 1,446 members currently have $7.8 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, SING SING EMPLOYEES exhibited a superior condition, earning a full 5 stars for safety and soundness. Here's a breakdown of how the credit union faired on the three key criteria Bankrate used to grade American credit unions on safety and soundness.

WHAT IS
SAFE AND SOUND?

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THE INSTITUTION'S SCORE

Capital Score

Capital is a useful measurement of a credit union's financial fortitude. It works as a cushion against losses and affords protection for members when a credit union is experiencing financial instability. From a safety and soundness perspective, the higher the capital, the better.

SING SING EMPLOYEES beat out the national average of 15.65 points on our test to measure capital adequacy, scoring 22 out of a possible 30 points.

SING SING EMPLOYEES appears to be more well prepared for financial trouble than its peers, with a capitalization ratio of 22.00 percent in our test, above the average for all credit unions.

Asset Quality Score

This test is intended to try to understand how the credit union's reserves set aside to cover loan losses, as well as overall capitalization could be affected by troubled assets, such as past-due loans.

A credit union with large numbers of these types of assets may eventually have to use capital to cover losses, diminishing 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, resulting in diminished earnings and potentially more risk of a failure in the future.

On Bankrate's asset quality test, SING SING EMPLOYEES scored 40 out of a possible 40 points, beating the national average of 38.09 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

How successful a credit union is at earning money has an effect on its long-term survivability. A credit union can retain its earnings, boosting its capital cushion, or use them to deal with problematic loans, likely making the credit union better able to withstand financial trouble. Obviously, credit unions that are losing money are less able to do those things.

SING SING EMPLOYEES beat the national average on Bankrate's test of earnings, achieving a score of 20 out of a possible 30.

One indication that SING SING EMPLOYEES is running ahead of 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.