ROCKVILLE, Md., March 27, 2023 (Newswire.com) - Lafayette Federal was once again recognized by S&P Global Market Intelligence as one of the Top 100 Performing Credit Unions, securing the #12 spot in 2022 out of almost 1,800 qualified credit unions nationwide. Named to the prestigious list for a third consecutive year, the credit union experienced a 23% increase in member growth and an exceptional 4.53% return on average assets (ROAA) during 2022.
S&P Global Market Intelligence calculated scores for each company based on five metrics: member growth; total number of loans per member; net worth as a percentage of total assets; delinquent loans as a percentage of total loans; and return on average assets. Criteria for the rankings included credit unions with more than $100 million in total assets and a net worth ratio of at least 7% as of Dec. 31, 2022.
"For three consecutive years, our organization has been recognized with this honorable accolade from S&P Global Market Intelligence, and it's one we are exceptionally proud to receive," says B. John Farmakides, Lafayette Federal's President/CEO. "Especially in light of recent challenges within the banking industry, I find it extremely important to underscore that Lafayette Federal remains strong and stable, as we have been for almost 90 years. This accomplishment further solidifies our position as a nationally-recognized financial institution where members can feel safe about their financial future."
About Lafayette FCU
Lafayette Federal Credit Union is a premier financial institution in the Washington, D.C. metropolitan area. Since 1935, Lafayette Federal has sought to provide members with a safe and convenient place to save, and to offer deposit and loan accounts at rates and terms more favorable than those of other financial institutions. With assets over $1.8 billion and over 56,000 members worldwide, Lafayette Federal operates eight full-service branch offices in the District of Columbia, Maryland, and Virginia and offers global access via the shared branch/ATM network and 24/7 electronic services. The organization has been recognized by the S&P Global Market Intelligence Report as one of the top 100 credit unions nationwide (2020-2022), by Newsweek as one of America's best banks (2022), by Washington Business Journal as one of the Washington area's fastest growing companies (2022), and received a 5-star ranking from Bauer Financial (2022). To learn more about Lafayette Federal Credit Union, call (301) 929-7990 or visit www.lfcu.org.
Gladys Magsino
SVP Administration
301-929-7990
Original Source: Lafayette Federal Credit Union Receives Third-Year Recognition in S&P Global Market Intelligence's Top 100 Rankings
