Safe and Sound

SYRACUSE COOPERATIVE

Syracuse, NY
NR
Star Rating
SYRACUSE COOPERATIVE is an NCUA-insured credit union started in 1982 and currently based in Syracuse, NY. The credit union has $26.5 million in assets, according to December 31, 2017, regulatory filings.

Members have $21.8 million on deposit tended by 20 full-time employees. With that footprint, the credit union currently holds loans and leases worth $21.8 million. Its 4,545 members currently have $18.4 million in shares with the credit union.

Overall, Bankrate did not have enough information on this institution to give it a star rating. Keep reading for a look at how the credit union faired on the three important criteria Bankrate used to score U.S. credit unions.

WHAT IS
SAFE AND SOUND?

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THE INSTITUTION'S SCORE

Capital Score

Capital works as a buffer against losses and affords protection for members during times of economic trouble for the credit union. It follows then that when it comes to measuring an an institution's financial resilience, capital is valuable. When looking at safety and soundness, more capital is better.

SYRACUSE COOPERATIVE received a score of 0 out of a possible 30 points on our test to measure the adequacy of a credit union's capital, failing to reach the national average of 15.65.

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 past-due mortgages.

Having lots of these kinds of assets may eventually force a credit union to use capital to cover losses, decreasing its equity cushion. 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 increasing the risk of a failure in the future.

On Bankrate's asset quality test, SYRACUSE COOPERATIVE scored 0 out of a possible 40 points, falling short of the national average of 38.09 points.

SYRACUSE COOPERATIVE's ratio of problem assets was 2.00 percent in our test, greater than the national average and a potential cause for concern.

Earnings score

A credit union's earnings performance has an effect on its safety and soundness. Earnings may be retained by the credit union, boosting its capital cushion, or be used to deal with problematic loans, likely making the credit union better prepared to withstand financial shocks. Losses, on the other hand, take away from a credit union's ability to do those things.

SYRACUSE COOPERATIVE scored 0 out of a possible 30 on Bankrate's test of earnings, falling short of the national average of 10.11.

SYRACUSE COOPERATIVE had an earnings ratio of 0.00 percent in our test, better than the average for all credit unions, a sign that it's outperforming 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.