An independent national credit union research firm has recognized Dupaco Community Credit Union as one of the 10 "Top Performing" credit unions in the United States, based on the credit union's 2012 performance.
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. More than 350 credit unions participate in RFG’s CEO Strategies group research program.
"Dupaco's performance index percentile was 100, indicating the credit union scored as one of the top three credit unions in the program," said Eric Wittekiend, strategic consultant at the Lombard, Ill.-based RFG. "In fact, Dupaco has scored in the top 2 percent of credit unions for each of the past six years."
The prestigious award reaffirms that Dupaco continues to help its members get—and stay—money ahead, while building a stronger credit union to better serve members in the years to come, according to Wittekiend. In fact, the average member benefits $86 annually in deposit interest income from being a Dupaco member compared to the typical credit union, Wittekiend said.
Dupaco members also have built a strong relationship with their financial cooperative. A deeper relationship typically rewards multiservice, high-balance households with better rates, lower fees and other benefits, while leading to a profitable relationship for the credit union, according to RFG.
Dupaco also received RFG's Crystal Performance Award in 2012, 2011 and 2009.
Dupaco President and CEO Joe Hearn said that as Dupaco has grown, so has the credit union's 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," said Hearn. "This recognition confirms our value proposition and member service strategies are moving in the right direction."
"In the minds of our board and staff, Dupaco is a top performer every time we help a member get ahead," Hearn added.
To be eligible for the Crystal Performance Award, a credit union must participate in RFG's CEO Strategies Group for an in-depth analysis of the credit union's financials, sales, products and member household relationships.
The Crystal Performance Award is presented annually at RFG's CEO Forum.
By Emily Kittle