ROCKVILLE, Md., December 21, 2021 (Newswire.com) - Lafayette Federal Credit Union has received an elite 5-star rating from Bauer Financial, one of the nation's premier bank and credit union rating firms. The top-ranking classifies the financially sound credit union as a "superior" financial institution for 2022.
Bauer Financial reviews financial data compiled from call reports as reported to federal regulators and uses a rigid barometer of multiple criteria to assess each financial institution, including capital ratios, profitability/loss trends, community reinvestment ratings (CRAs), historical data, and liquidity.
As an independent organization, Bauer Financial does not get paid to rate any institution, nor can any institution opt out of the rating system. This unbiased approach has earned the respect of regulators, bankers and consumers across the country. As such, the firm has been able to offer a reliable grading system for almost 40 years.
"It's truly an honor to earn the maximum score from one of the nation's leading financial ranking firms," says Gladys Magsino, Lafayette FCU's Senior Vice President of Administration. "To receive a top ranking is a tribute to the remarkable achievements of our ever-growing credit union. Over the past year, our hard work has been recognized by several industry-leading organizations, including S&P Global (Top 100 Credit Unions) and Newsweek's (America's Best Banks). The unwavering support of our members has undoubtedly made this all possible. As their credit union for life, we are committed to working hard every day to continue to gain their trust and provide the best possible service and experience."
About Lafayette FCU
Lafayette Federal Credit Union is a premier financial institution in the Washington, D.C. metropolitan area. Since 1935, Lafayette Federal has sought to provide members with a safe and convenient place to save and to offer deposit and loan accounts at rates and terms more favorable than those of other financial institutions. With assets of over $1.2 billion and over 40,000 members worldwide, Lafayette Federal operates eight full-service branch offices in the District of Columbia, Maryland, and Virginia and offers global access via the shared branch/ATM network and 24/7 electronic services. In addition to the 5-star ranking from Bauer Financial, the organization has also been recognized by the S&P Global Market Intelligence Report as one of the top 100 credit unions nationwide, and by Newsweek as one of America's best banks. To learn more about the Lafayette Federal Credit Union, reach out to us at (301) 929-7990, visit www.lfcu.org, or fill out a contact form here, and we'll reach out to you.
Source: Lafayette Federal Credit Union