Safe and Sound

WAYNESBORO EMPLOYEES CREDIT UNION,

Waynesboro, VA
NR
Star Rating
Waynesboro, VA-based WAYNESBORO EMPLOYEES CREDIT UNION, is an NCUA-insured credit union started in 1958. The credit union holds $3.5 million in assets, according to December 31, 2017, regulatory filings.

Members have $2.2 million on deposit tended by 2 full-time employees. With that footprint, the credit union holds loans and leases worth $2.2 million. WAYNESBORO EMPLOYEES CREDIT UNION, 's 959 members currently have $3.2 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 did on the three important criteria Bankrate used to score American credit unions.

WHAT IS
SAFE AND SOUND?

Find out

THE INSTITUTION'S SCORE

Capital Score

Capital acts as a cushion against losses and provides protection for members during times of financial trouble for the credit union. It follows then that a credit union's level of capital is a useful measurement of its financial strength. When it comes to safety and soundness, more capital is preferred.

WAYNESBORO EMPLOYEES CREDIT UNION, received a score of 6 out of a possible 30 points on our test to measure the adequacy of a credit union's capital, less than the national average of 15.65.

WAYNESBORO EMPLOYEES CREDIT UNION, appears to be on less solid financial footing than its peers in this area, with a capitalization ratio of 6.00 percent in our test, below the average for all credit unions.

Asset Quality Score

This test is intended to estimate how the credit union's loan loss reserves and overall capitalization could be affected by troubled assets, such as past-due mortgages.

Having extensive holdings of these types of assets may eventually require a credit union to use capital to cover losses, diminishing its buffer of equity. It also means that there are likely to be many assets that are in non-accrual status and thus aren't earning interest for the credit union, pushing down earnings and increasing the chances of a future failure.

On Bankrate's test of asset quality, WAYNESBORO EMPLOYEES CREDIT UNION, scored 12 out of a possible 40 points, falling short of the national average of 38.09 points.

WAYNESBORO EMPLOYEES CREDIT UNION, 's ratio of problem assets was 1.00 percent in our test, the same as the national average.

Earnings score

How successful a credit union is at earning money has an effect on its safety and soundness. A credit union can retain its earnings, boosting its capital cushion, or put them to work addressing problematic loans, potentially making the credit union better prepared to withstand financial shocks. However, credit unions that are losing money are less able to do those things.

WAYNESBORO EMPLOYEES CREDIT UNION, fell short of the national average on Bankrate's earnings test, achieving a score of 0 out of a possible 30.

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