SEATTLE — Marginally more credit unions became "high performing" credit unions in 2007 over 2006, according to noted CU consultant Tony Ward-Smith, but the consultant worries that the CU industry is not paying enough attention on getting the rest to reach high performing status.
In Ward-Smith's definition, a high performing credit union averages 2.5 accounts per member, an average of at least $4,264 balance per all accounts and a positive year end return on average assets.
According Ward-Smith's analysis of NCUA's year end data, 546 credit unions in the U.S. were high performing institutions last year vs. 536 in 2006. Further, while only 7% of CU's in the U.S. have become high performing credit unions, fully 33% of the total U.S. credit union membership belongs to a high performing credit union.
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