Safe and Sound

WHITING REFINERY

Whiting, IN
5
Star Rating
Started in 1935, WHITING REFINERY is an NCUA-insured credit union headquartered in Whiting, IN. As of December 31, 2017, the credit union had assets of $46.5 million.

Members have $11.5 million on deposit tended by 4 full-time employees. With that footprint, the credit union currently holds loans and leases worth $11.5 million. WHITING REFINERY's 2,355 members currently have $33.7 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, WHITING REFINERY exhibited a superior condition, earning a full 5 stars for safety and soundness. Here's a breakdown of how the credit union did on the three key criteria Bankrate used to evaluate American 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 bulwark against losses and as protection for members when a credit union is struggling financially. Therefore, a credit union's level of capital is a valuable measurement of its financial fortitude. From a safety and soundness perspective, the higher the capital, the better.

WHITING REFINERY achieved a score of 30 out of a possible 30 points on our test to measure capital adequacy, exceeding the national average of 15.65.

WHITING REFINERY's capitalization ratio of 30.00 percent in our test was better than the average for all credit unions, an indication that it's stronger 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 loans.

A credit union with large numbers of these kinds of assets may eventually be forced to use capital to absorb losses, cutting down on its equity buffer. It also means that there are likely to be many assets that are in non-accrual status and thus aren't earning money, resulting in reduced earnings and potentially more risk of a future failure.

On Bankrate's asset quality test, WHITING REFINERY scored 40 out of a possible 40 points, above the national average of 38.09 points.

Earnings score

A credit union's earnings performance has an effect on its long-term survivability. Earnings can be retained by the credit union, boosting its capital cushion, or be used to deal with problematic loans, likely making the credit union more resilient in times of trouble. Obviously, credit unions that are losing money have less ability to do those things.

WHITING REFINERY fell behind the national average on Bankrate's earnings test, achieving a score of 6 out of a possible 30.

WHITING REFINERY 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.