SouthPoint Financial Credit Union has been named as one of the top performing credit unions in the United States by S&P Global Market Intelligence, a world-wide source of data regarding financial institutions.
SouthPoint Financial Credit Union was ranked 54th in the top 100 best performing credit unions for 2020, out of over 5,000 credit unions across the country. SouthPoint was also one of only three Minnesota Credit Unions to receive a ranking.
“We are proud of SouthPoint’s commitment to supporting our members and communities,” President/CEO Jay Gostonczik said. “This ranking is an acknowledgement of the dedication of our team and our philosophy of putting member-owners, employees, and communities first, providing an exceptional experience, and adding value. We believe a sincere commitment to add value by doing the right thing for the right reasons results in a financially strong and well-capitalized financial institution.”
To compile this yearly ranking, S&P Global Market Intelligence calculated scores for each organization based on five metrics: member growth; average loans per member; net worth; delinquent loans, and overall return on average assets.
Each company’s standard deviation from the industry mean was calculated for every ranking metric, weighted equally, then combined to derive a performance score.