Lake Michigan Credit Union Reaches the Top in 2019 Rankings
S&P Global Market Intelligence’s recent ranking of the top-performing credit unions in the country in 2019 found Lake Michigan Credit Union to be the first-ranked credit union.
“The credit union has been a strong performer for years, ranking No. 2 in 2018 and No. 12 in 2017,” said S&P Global Market Intelligence. “Lake Michigan Credit Union outperformed the industry median in all five ranking metrics even as its net charge-off ratio increased 2 basis points to 0.05% in 2019 and its delinquency ratio rose 4 basis points to 0.14%. In addition, the credit union's strong member growth and market growth of 7.2% and 14.9%, respectively, were slower than its 2018 pace.”
The agency ranks credit unions based on five core financial performance metrics: member growth, market growth, operating expenses as a percentage of operating revenue, net charge-offs as a percentage of average loans and delinquent loans as a percentage of total loans. They measured each company’s standard deviation from the industry mean value for each of the five metrics.
Read more about the study and other top-performing credit unions here.