JULY 19, 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 first quarter of 2007. This marks the fifth consecutive quarter Fort Knox Federal has received this ranking, which measures financial strength and stability of financial institutions. Only one percent of the approximately 8,458 credit unions reviewed nationwide were ranked as high.
Fort Knox Federal is now the largest credit union in the nation, in terms of asset size, to receive a top score of 300 from IDC. "Fort Knox Federal’s continued balanced growth, financial strength and member loyalty has given us the wherewithal to repeatedly gain these perfect scores,” said Bill Rissel, Fort Knox Federal President and CEO.
"Our members continue to entrust us with their savings and make us their first choice when they need a loan,” Rissel added, which lead to the Credit Union’s most successful growth year in 2006 with reported year-end assets of $543 million, a new record.
IDC ranks credit unions based on several financial ratios and then assigns a weight factor to each ratio based on its relative importance to the health of the institution. Finally, IDC combines the overall view into a numeric summary rank, which ranges from 1 (the lowest) to 300 (the highest), and publishes its ranking quarterly.
In addition to its IDC ranking, 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.
Back to "Awards" home page. |
