S&P Global Market Intelligence Ranks ECU as a Top Credit Union
June 01, 2022
KINGSPORT, TN –Eastman Credit Union (ECU) was recently ranked 17th among the Top 100 Performing Credit Unions nationwide by S&P Global Market Intelligence.
“We are honored to receive this designation. ECU’s strength revolves around an organizational commitment to best serve our loyal members and to keep ECU in a strong financial position. This allows us to provide members with products and services that exceed their expectations and to serve our communities for years to come,” said Kelly Price, president and CEO.
S&P Global Market Intelligence annually ranks the nation’s best-performing banks and credit unions. The 2021 analysis reviewed 1,765 eligible credit unions. According to S&P Global, these rankings are based on returns, growth, and efficiency but primarily on the strength and risk profile of the institutions’ balance sheets.
"Banks and credit unions support our country's economic growth and stability which has been critical over the last year. Small business continues to drive the American economy and community banks and credit unions make up the engine that drives small business. We're delighted to see the success of these regional banks, community banks and credit unions as they continue to be well-utilized in their markets during economic uncertainty and we're proud to recognize these top performers in our annual rankings," said Jimmy Pittenger, Senior Director of Financial Institutions at S&P Global Market Intelligence.
In 2021, ECU grew membership by 9%, assets by 16%, and loans by 10%. ECU is the largest credit union in Tennessee and the only credit union holding the S&P performance ranking in the regions ECU serves in Tennessee, Virginia, and Texas.
S&P Global Market Intelligence calculated the credit union rankings 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 December 31, 2021.
S&P Global Market Intelligence is a world-leading provider of financial information services and data.
About Eastman Credit Union
Eastman Credit Union, established in 1934, is a not-for-profit financial cooperative headquartered in Kingsport, Tennessee. Serving areas of Northeast Tennessee, Southwest Virginia, and East Texas, ECU is the 39th largest credit union in the nation. Placing members' financial needs first, ECU employees focus on exceptional member service and offering products and services that exceed members' expectations. ECU's assets are more than $7.5 billion, and the organization serves more than 290,000 members through a network of 34 branches, service centers, and offices; ecu.org; ECU's Mobile app; ECU's Card Control app; and over 56,200 surcharge-free ATMs through the Allpoint™ and Presto!® networks. For more information about ECU, visit ecu.org. ; insured by NCUA. Member Equal Housing Lender. Equal Opportunity Employer.