RATINGS EXPLAINATION

BauerFinancial has deemed SOCU a 5-Star Superior credit union based on certain criteria related to its operations.

BauerFinancial rates credit unions based upon a complex formula which factors in relevant data including, but not limited to: capital, historical trends, loan delinquencies, differences in the book and market values of the investment portfolio, profitability, repossessed assets, reserves, charge-offs, regulatory compliance and asset quality. (Although credit unions are not-for-profit institutions, losses can impact capital and safety.) Negative trends are projected forward to compensate for the lag time in the data. BauerFinancial employs conservative measures when assigning these ratings and consequently the ratios will often be lower than those supplied by other analysts or the institutions themselves. More than twenty years of experience has shown ours to be a prudent course of action.

As of September 2011, BauerFinancial  awarded SOCU a five-star ‘Superior’ rating on its zero-to-five-star scale. This means the credit union is safe, financially sound and is operating well above its regulatory capital requirements which means SOCU has a capital to assets ratio of 9% or higher.

DEPOSIT INSURANCE
Your money is safe at SOCU. Checking, savings, money market, and certificate accounts at Streator Onized are federally insured to at least $250,000.00 by the National Credit Union Administration (NCUA). IRA accounts are insured separately to $250,000 by the NCUA.

Independent Performance Reviews
We have multiple layers of independent performance review: we are examined by the Illinois Department of Financial Institutions since we are state-chartered, and we annually engage an outside CPA firm to assess accounting practices and report to the volunteer Supervisory Committee as representatives for the membership.

National Credit Union Share Insurance Fund
Member deposits are federally insured by the NCUA, and backed with the full faith and credit of the United States government, just as FDIC covers banks. Taxpayer dollars have never been used to bail out a credit union.

For More Information
This helpful resource contains additional details on your deposit insurance coverage and the stability of the National Credit Union system:

• Your Insured Funds
• NCUA Insurance Estimator