Safe and Sound

WOODCO

PERRYSBURG, OH
4
Star Rating
WOODCO is an NCUA-insured credit union started in 1964 and currently based in PERRYSBURG, OH. As of December 31, 2017, the credit union held assets of $10.1 million.

With 3 full-time employees, the credit union currently holds loans and leases worth $6.9 million. WOODCO's 1,426 members currently have $9.1 million in shares with the credit union.

Overall, Bankrate believes that, as of December 31, 2017, WOODCO exhibited a good condition, earning 4 out of 5 stars for safety and soundness. Here's an analysis of how the credit union faired on the three major criteria Bankrate used to evaluate American credit unions.

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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 financial trouble for the credit union. Therefore, when it comes to measuring an a credit union's financial resilience, capital is key. When looking at safety and soundness, more capital is preferred.

WOODCO received a score of 10 out of a possible 30 points on our test to measure capital adequacy, falling short of the national average of 15.65.

WOODCO's capitalization ratio of 10.00 percent in our test was less than the average for all credit unions, suggesting that it's less well prepared for financial trouble than its peers.

Asset Quality Score

This test's purpose is to try to understand how the credit union's capitalization and allocated loan loss reserves could be affected by problem assets, such as unpaid loans.

A credit union with lots of these types of assets may eventually have to use capital to absorb losses, reducing its buffer of equity. It also means that there are likely to be many assets that are in non-accrual status and no longer earning money, resulting in lower earnings and potentially more risk of a failure in the future.

WOODCO scored above the national average of 38.09 on Bankrate's asset quality test, racking up 40 out of a possible 40 points .

Earnings score

A credit union's ability to earn money has an effect on its safety and soundness. A credit union can retain its earnings, expanding its capital cushion, or put them to work addressing problematic loans, potentially making the credit union better able to withstand financial shocks. Conversely, losses lessen a credit union's ability to do those things.

WOODCO scored 6 out of a possible 30 on Bankrate's earnings test, failing to reach the national average of 10.11.

One sign that WOODCO is beating 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.