Safe and Sound

WANIGAS

Saginaw, MI
5
Star Rating
WANIGAS is a SAGINAW, MI-based, NCUA-insured credit union started in 1952. Regulatory filings show the credit union having assets of $319.4 million, as of December 31, 2017.

With 87 full-time employees, the credit union holds loans and leases worth $219.4 million. WANIGAS's 26,098 members currently have $272.3 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, WANIGAS exhibited a superior condition, earning a full 5 stars for safety and soundness. Keep reading for a look at how the credit union faired on the three key 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 works as a cushion against losses and affords protection for members when a credit union is experiencing financial trouble. Therefore, when it comes to measuring an an institution's financial resilience, capital is valuable. When looking at safety and soundness, more capital is preferred.

On our test to measure the adequacy of a credit union's capital, WANIGAS racked up 18 out of a possible 30 points, beating the national average of 15.65.

WANIGAS appears to be on more solid financial footing than its peers, with a capitalization ratio of 18.00 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 loan loss reserves and overall capitalization could be affected by problem assets, such as past-due loans.

Having large numbers of these types of assets may eventually require a credit union to use capital to absorb losses, reducing its cushion of equity. Many of those assets are also likely to be in non-accrual status and thus aren't earning money, reducing earnings and elevating the risk of a failure in the future.

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

Troubled assets made up 0.00 percent of WANIGAS's total assets in our test, less than the national average and suggestive 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 can be retained by the credit union, boosting its capital buffer, or be used to deal with problematic loans, potentially making the credit union more resilient in times of trouble. Obviously, credit unions that are losing money have less ability to do those things.

On Bankrate's test of earnings, WANIGAS scored 12 out of a possible 30, exceeding the national average of 10.11.

One sign that the credit union is outperforming its peers in this area was its earnings ratio of 0.00 percent in our test, higher than 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.