APRIL 27, 2007 – Fort Knox Federal Credit Union has again received a perfect score of 300 in the “Credit Union Financial Profiles” published by IDC Financial Publishing, Inc. for the fourth quarter of 2006. This marks the fourth consecutive quarter Fort Knox Federal has received this ranking, which measures financial strength and stability of financial institutions. Only one percent of the approximately 8,500 credit unions reviewed nationwide were ranked as high.
Fort Knox Federal had one of its most successful growth years during 2006 with year-end reported assets of $543 million, a new record. "Our members continue to entrust their savings with us because of the Credit Union’s stability and higher rates on deposits,” said Bill Rissel, Fort Knox Federal President and CEO.
“A large part of our success is the enduring financial strength of our Credit Union as confirmed by our top IDC ranking,” Rissel added. IDC’s “Credit Union Financial Profiles” analyzes the quality of all credit unions reporting to the National Credit Union Administration (NCUA), identifies several financial ratios, assigns a weight factor to each based on its relative importance to the health of the institution, and then combines the overall view into a numeric summary rank. IDC has published its rankings, which range from 1 (the lowest) to 300 (the highest), quarterly since 1985.
“IDC is a highly respected and reliable source of business information and we are very pleased to be so highly ranked by this organization,” Rissel said. IDC is a subsidiary of IDG, the world's leading technology media, research, and events company.
Fort Knox Federal again received BAUERFINANCIAL 5-star SUPERIOR rating (the highest rating awarded) for 23rd consecutive year in 2006. Established in 1983, BAUERFINANCIAL, Inc. analyzes and reports on the financial condition of banks and credit unions based on a detailed financial report each institution is required to file with federal government regulators. BAUERFINANCIAL obtains the raw data from the government and analyzes it independently, supplementing that information with additional research and historical data.
“Thanks to the strategic direction set by the Credit Union’s volunteer Board of Directors and the excellent work of our professional staff, Fort Knox Federal continues to provide the highest level of service while keeping our loan rates low, our savings rates high, and charging few, if any, fees,” Rissel added. “All these efforts combine to allow us to operate the Credit Union very efficiently while increasing its financial strength as we grow.”
Fort Knox Federal is the second largest credit union in the Commonwealth and serves approximately 67,000 members throughout central Kentucky and around the world.
Fort Knox Federal Credit Union serves both civilian and military members from ten branch locations throughout central Kentucky. The newest branch is located in Brandenburg. Fort Knox Federal, with approximately $565 million in assets currently, celebrated 50 years of service to its members in 2000. Fort Knox Federal Credit Union is a private, not-for-profit financial service corporation and is insured by NCUA for individual deposits up to $100,000 and now offers Excess Share Insurance of up to an additional $250,000 per regular share and/or checking account. Fort Knox Federal has been awarded the BAUER FINANCIAL 5-star SUPERIOR rating for 23 consecutive years.
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