Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Birmingham CUs top banks on ratings
BIRMINGHAM, Ala. (8/17/09)--Birmingham, Ala.-area credit unions were rated higher than their banking counterparts, according to recent reports from two Florida-based rating agencies. Fourteen of 39 metro Birmingham, Ala.-area credit unions received five stars, the highest rating. Thirteen credit unions received four stars, which indicates excellent or sound financial performance (The Birmingham News Aug. 14). Of the 27 area banks, two received five-star ratings and four received four-star ratings. Of the 39 credit unions, four received one or zero stars, while 11 of the 27 area banks received zero or one star. The ratings were issued by Bankrate.com and Bauer Financial. Credit unions are faring better than banks because they are avoiding risky residential loans, John Kottmeyer, Samford University economics professor, told the newspaper. Greg McBride, Bankrate.com senior research analyst, said Birmingham credit unions are performing better than others nationally. However, Birmingham credit unions are not immune to the nation’s economic troubles. Many credit unions are being hurt by loan defaults triggered by job loss. The jobless rate in Birmingham has doubled to 10.1% as of June, McBride added. Credit card, personal loan and small-business loan defaults also could hurt the nation’s financial institutions, and even credit unions won’t be immune, Kottmeyer added.
Other Resources

RSS





print
News Now LiveWire
Middle-class families walking a tightrope with little savings @pewresearch HT @CNNMoney http://t.co/Pfu2KHASZa
10 hours ago
.@CUNA's @SchenkMike on @federalreserve meeting: http://t.co/Ry39vjWdA1
10 hours ago
#creditunion cites prize-linked savings success in @WSJ http://t.co/3CXupUMx5d
13 hours ago
.@CFPB proposes mtg rule changes 2 facilitate responsible lending by small creditors, esp. in rural/underserved areas.http://t.co/sn6PnlS0EB
14 hours ago
#NewsNow Apple Pay interest booming at CUs, Western Union joins http://t.co/LsaoOYzAPx
16 hours ago