Puerto Rico Federal Credit Union recently received the classification “2020 Top 200 Healthiest Credit Unions,” granted throughout the United States, where there are more than 5,000 such entities and more than 4,000 banks.
To rank, DepositAccounts.com evaluates the financial health of more than 10,000 banks and credit unions in the United States once a quarter. The local credit union is ranked 194 out of the 5,321 NCUA-insured Credit Unions analyzed by the DepositAccounts team.
Puerto Rico Federal Credit Union President Jomar Martínez-Gómez said to determine the classification, DepositAccounts.com calculates a comprehensive health score, since each institution is rated based on several factors, such as capitalization, growth of deposits and the loan-to-reserve ratios.
“This important classification, for the second consecutive year, reinforces our commitment to provide excellent services and motivates us to continue developing products and services for the benefit of our partners,” said Martínez-Gómez.
Puerto Rico Federal Credit Union is federally insured by the National Credit Union Administration.
“As we are a federally insured credit union, our members’ savings are federally insured for a minimum of $250,000 and backed by the U.S. government’s full trust and credit,” Martínez-Gómez said.
“Today more than ever, we reaffirm our commitment to providing security first and foremost for our members, and this ‘Top 200 Healthiest Credit Unions’ rating demonstrates our strength in the market,” he said.
“We know that in these uncertain times, our partners need financial security and stability above all, and that is our main focus,” he added.