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| Dupaco Among Top 10 'Top Performing' U.S. Credit Unions |
| Posted: | October 13, 2009 |
| Details: | Expert says each Dupaco “member household receives an additional $67 every year in interest income on deposits or interest savings on loans, attributable to the strong management practices the credit union has instituted.”
Based on its 2008 performance, Dupaco Community Credit Union was recognized as one of the Top 10 “Top Performing” credit unions in the United States with more than $500 million in assets.
The Lombard, Ill.-based Raddon Financial Group (RFG) recently presented to Dupaco the Crystal Performance Award. The award was designed to recognize credit unions for achieving a top ten ranking based the RFG Performance Index™, a balanced scorecard measurement of growth, income, efficiency and margin management.
Bill Handel, vice president of research and product development with RFG, said more than 500 credit unions were evaluated for the Crystal Performance Award through RFG’s CEO Strategies Group program.
“Given everything that has happened in the industry over the past year, we are pleased to have the opportunity to share good news and recognize Dupaco Community Credit Union as a high performing credit union,” said Handel.
“Despite challenging economic conditions, Dupaco was able to effectively apply its strategies to perform at the highest levels. It maintains strong member relationships with higher than average deposit and loan balances per household—yet they do this while maintaining excellent expense control with an average efficiency ratio of about 65 percent, well below the 75 to 80 percent we see for most credit unions.”
“The result of this excellent performance is member value,” said Handel. “By our calculations, Dupaco gives each member household an additional $67 every year in interest income on deposits or interest savings on loans, attributable to the strong management practices it has instituted.”
“Dupaco’s management team, board, employees and members should be very pleased with this recognition,” he added.
Dupaco ranked among the top two percent of all credit unions analyzed by RFG for two consecutive reporting periods in 2008.
“Consistency in overall performance is requisite in our selection of Crystal Performance Award winners” added Bob Dye, general manager and chief operating officer with RFG.
Dupaco President/CEO Bob Hoefer said 2008—the credit union’s 60th year of service—was one of the most exceptional years ever for Dupaco, both in terms of member participation and financial performance.
“Dupaco relies on the loyalty and support of its members,” said Hoefer. “As we have grown, so has our ability to offer cost-effective financial services and operate more efficiently. As a member-owned financial cooperative, these cost savings are returned to the members in the form of higher rates on savings and lower rates on loans.”
“In the minds of our board and staff, Dupaco is a top performer every time we help a member get ahead,” Hoefer added.
To be eligible for the Crystal Performance Award, a credit union must participate in the CEO Strategies Group for an in-depth analysis of the credit union’s financials, sales, products and member household relationships, according to RFG.
RFG recognized the top credit unions in two asset classes based on their 2008 performance: credit unions above $500 million and below $500 million in assets.
The Crystal Performance Award is presented annually at RFG’s CEO Forum.
ABOUT RADDON FINANCIAL GROUP
RFG, a strategic business unit of Open Solutions Inc., has been providing research-based solutions exclusively to the financial services industry since 1983. RFG understands the industry and knows how consumers and businesses interact with financial institutions. By combining our practical know-how with best practices in research and analysis, RFG helps financial institutions manage their customer relationships and their organizations. RFG has been analyzing credit union performance through the CEO Strategies Group for over 15 years.
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