For the 18th straight year, SouthPoint Federal Credit Union, with branches in New Ulm, Sleepy Eye and Springfield, MN has received BauerFinanicals recommendation and highest rating of 5 Stars. BauerFinancial Inc., of Coral Gables, Florida, has been analyzing and reporting on the financial condition of the nation's banking industry since 1983. Through the years, BauerFinancial has earned the reputation of "the nation's bank rating service". Hundreds of newspapers depend on their ratings for their readers and federal and state regulators refer thousands of inquirers to Bauer each year.
Financial data is compiled for credit unions as reported to the National Credit Union Administration (NCUA), the governing body for credit unions. The star ratings classify each credit union based upon a complex formula which factors in relevant data including, but not limited to: capital, historical trends, loan delinquencies, differences in the book and market values of the investment portfolio, profitability, repossessed assets, reserves, charge-offs, regulatory compliance and asset quality.
SouthPoint was named to the Recommended Credit Union Report because of its superior five-star rating on a zero-to-five-star scale. The rating reflects that SouthPoint is a safe, financially sound credit union, operating well above their regulatory capital requirements. As a five-star institution on this report SouthPoint has demonstrated a capital to assets ratio of 9% or higher. Full reports are available at www.bauerfinancial.com.
SouthPoint Federal Credit Union was founded in 1936 and serves over 10,500 members in Brown, Redwood and Renville Counties of Minnesota. More information on products and services can be found at www.southpointfed.com or by contacting Troy Diedrich, VP of Marketing and Development at 507-233-5600.
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