7 17 Credit Union named to top 100 U.S. credit unions
7 17 Credit Union has been named to the list of the top 100 credit unions for 2020.
7 17 Credit Union was ranked first in Ohio and 40th in the nation for the best-performing United States credit unions in 2020 by S&P Global Market Intelligence.
Of the nearly 5,300 credit unions in the U.S., 1,727 qualified for the ranking by meeting a threshold of at least $100 million in assets and a NetWorth Ratio of at least 7%.
The rankings were based on the following five metrics:
1. Member growth (7 17 had a 7.4% increase)
2. Average loans, net of Paycheck Protection Program (PPP) Loans, per member (7 17 had a net of $9,829)
3. Net worth as a percentage of total assets (7 17's net worth was 14.06%)
4. Delinquent loans as a percentage of total loans, net of PPP Loans (7 17 had 0.41%)
5. Return on average assets (7 17's return was 1.07%)
The only other credit union in Ohio to make the list was Superior Credit Union in Lima. They were ranked at 81.
7 17 Credit Union, headquartered in Warren, is a progressive, member-owned financial institution established in 1957.
With more than 94,000 members and 12 offices, it is the largest credit union in Northeast Ohio.
Anyone who lives, works, worships or attends school in Trumbull, Mahoning, Columbiana, Portage, Summit or central Stark counties is eligible to become a member.
