Lake Michigan Credit Union in Grand Rapids and Kalamazoo-based Consumers Credit Union ranked among the 50 best-performing credit unions in the U.S. for 2015.
That’s according to a report from Charlottesville, Va.-based S&P Global Market Intelligence.
A division of McGraw Hill Financial, S&P Global rated credit unions on five financial performance metrics: member growth, net charge-offs as a percentage of average loans, efficiency ratio, asset quality and market growth. The research firm rated 488 credit unions with more than $500 million in total assets and a net worth ratio of at least 7.0 percent as of Dec. 31, 2015.
Lake Michigan Credit Union, with more than 270,000 members and assets of $4.08 billion, ranked second in the nation in performance. Consumers Credit Union, at nearly 69,000 members and $674.5 million in assets, was 24th.
The two were among three credit unions in Michigan that ranked in the top 50 nationally. Genisys Credit Union in Auburn Hills, with $2.00 billion in assets, was 13th.