ICCU named top credit union in country

Brad Iverson-Long//March 31, 2015//

Listen to this article

Idaho Central Credit Union was named the best-performing credit union in the United States for the third year in a row by SNL Financial. The ranking was based on five categories: membership and market growth, asset quality, efficiency ratio, and net charge-offs as a percentage of average loans.

Though it retained the top spot, Idaho Central’s score in the rankings declined from 2013. The Chubbuck-based credit union’s salary and benefit expenses increased to almost $33 million, growing faster than its assets, which led to an increase in its efficiency score.

According to the SNL report, ICCU reported 499 full-time employees in 2014, an increase from 429 in 2013. ICCU is the largest credit union in Idaho, but only the 103^rd biggest nationally. SNL ranked only credit unions with at least $500 million in assets, so only the state’s three-largest credit unions were included. Neither Potlatch No.1 Federal Credit Union nor Westmark Credit Union were on the list.

In a news release, ICCU President Kent Oram said the ranking is a reflection of the credit union’s members and team. Utah and Oregon each had one credit union on the list, while Washington state had two credit unions on the top 50 list.