Home Business Superior CU named 7th best-performing credit union in the nation

Superior CU named 7th best-performing credit union in the nation

Superior Insurance Services offers auto, home, life, and business insurance to Superior Credit Union members. Superior Insurance Services is an independent insurance agent representing many leading insurance companies, including Progressive, ASI, United Fire Group, Wyandot Mutual, and Travelers.

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LIMA — S&P Global Market Intelligence, formerly S&P Capital IQ and SNL Financial, recently released its ranking of 2015’s 50 best-performing credit unions. Superior Credit Union, based in Lima, Ohio, was named the 7th Best-Performing Credit Union in the U.S.

Superior was the only Ohio credit union to be named to the Top 50 list. The credit union is ranked in impressive company, as only one other credit union in the top ten had assets of less than $2 billion. Up from $572 million at year end, Superior’s current asset size is $590 million.

S&P Global Market Intelligence ranked the nation’s credit unions using five core financial performance metrics: member growth, net charge offs as a percentage of average loans, efficiency ratio, asset quality, and market growth.

“Superior is proud to be recognized as one of the safest and best performing credit unions in the country,” said Phil Buell, CEO. “To be recognized nationally, is a testament to our volunteers, employees, and members, who collaboratively provide our community with consumer-friendly financial solutions.”

This is Superior’s first appearance on the list, as it only recently became eligible for inclusion due to asset size. To be eligible for the ranking, a credit union had to report more than $500 million in total assets and a net worth ratio of at least 7.0% as of Dec. 31, 2015. Based on these criteria, 488 U.S. credit unions qualified for the ranking. Superior’s net worth ratio, a measure of safety and soundness, is 14.71% which is twice the regulatory requirements.