WAUSAU — A local credit union is making national headlines after being one of three local financial institutions appearing on a quarterly list of the healthiest credit unions in the U.S.
Cloverbelt Credit Union is ranked at number three on the list and is the highest ranking credit union in Wisconsin. CCU, which was chartered in 1936 and has 48 employees in three offices, garnered a health rating of A+ in the rankings. The credit union, which has landed in the top 100 four times, has more than 17,000 members throughout central Wisconsin and reports assets of more than $240 million, according to the report.
In the past year, Cloverbelt Credit Union has increased its total non-brokered deposits by $12.44 million, resulting in 7.43% growth for the year. A strong track record of growth is considered an indicator of consumer confidence and the bank’s ability to strengthen its balance sheet, according to the DepositAccounts.com report.
Valley Communities Credit Union in Mosinee also made the list, landing at number 34. CoVantage Credit Union, based in Antigo, was ranked at 108.
DepositAccounts.com, a division of Lending Tree, evaluates the financial health of over 11,000 banks and credit unions in the United States once per quarter and has been tracking healthy institutions since 2010. To determine bank ranking and recognition, DepositAccounts.com grades each institution on a number of factors, including capitalization, deposit growth, and loan-to-reserve ratios.