We recently released our Q4 2018 HealthScore which involves sending custom reports to report subscribers, publishing our summary report on the health and performance of US credit unions, and updating our industry score trends pages over on the main GC website. One of the new datasets we’re starting to dig into now is credit union health on a per-state basis. We thought you might like to see the aggregate data.
As a reminder, the HealthScore is a composite financial performance score reflecting the financial health of US-based credit unions. Our HealthScore system/database calculates overall credit union health by scoring/grading credit union performance across 17 different key ratios on a ten-point scale with 10 indicating the highest possible performance. The table below showcases the average scores for credit unions in each state. As you’ll note in the table, Nevada has the highest score of 6.814.
Is that a good score? It’s really good. Generally individual credit unions with HealthScores of 5-5.5 are average – which means stable, sound, etc. Credit unions with scores above 6 are doing many things right if not exceptionally well – and states with scores above 6 indicate that the state is populated with an abundance of such credit unions.
Nevada’s current level of performance is much improved as compared to the recession-era timeframe. The state reached a low-point in the fourth quarter of 2010 with an average HealthScore of 4.51. It is definitely a new day in Nevada – as it is in almost all of the states that suffered the most during the recession.
So… how is your state doing? Take a look below. And, if you are a credit union volunteer or employee and are interested in receiving a free report on your credit union, sign up here.
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