ROCKVILLE, Md., March 25, 2022 (Newswire.com) - Lafayette Federal was once again recognized in the S&P Global Market Intelligence Rankings as one of the Top 100 Performing Credit Unions in 2021, moving up the rankings to secure the #12 spot out of more than 1,700 qualified credit unions nationwide. The credit union experienced a phenomenal 53% increase in member growth and an outstanding 9.65% return on average assets (ROAA), driving its position up eight spots from 2020 to 2021.
S&P Global Market Intelligence calculated scores for each company based on five metrics: member growth; total number of loans, net of number of Paycheck Protection Program loans, per member; net worth as a percentage of total assets; delinquent loans as a percentage of total loans, net of PPP loans; and return on average assets. Criteria for the rankings included credit unions with more than $100 million in total assets, net of PPP loans, and a net worth ratio of at least 7% as of Dec. 31, 2021.
"To be acknowledged by S&P Global Market Intelligence for two consecutive years is a great honor for our organization," says Gladys Magsino, Lafayette Federal's Senior Vice President of Administration. "Having achieved yet another unprecedented year of growth further solidified Lafayette Federal as a leader within the financial services industry across the country. We are extremely proud for achieving this level of success and are grateful to our employees who have shown remarkable resilience, and to our members who have stood by our side and supported us for over 85 years."
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 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. The organization has been recognized by the S&P Global Market Intelligence Report as one of the top 100 credit unions nationwide (2020-2021), by Newsweek as one of America's best banks (2022), and received a 5-star ranking from Bauer Financial (2022). To learn more about Lafayette Federal Credit Union, call (301) 929-7990 or visit www.lfcu.org.
Source: Lafayette Federal Credit Union