Top Credit Union Brands Are Identified
BIRMINGHAM, Ala. – Bancography, a financial services consulting firm, has released the 2010 rankings for its Bancography Brand Value Index (BBVI), which it calls a “quantitative ranking of the brand strength of all U.S. banks and credit unions.”
Bancography said the system allows financial institutions to evaluate the strength of their brands, its value and how it compares to peers. According to the findings, in the large CU asset tier, only six of 2009’s top 25 retained their top-25 status in 2010. “This shows a noticeable difference from 2009’s index, where 14 institutions repeated their top-25 performance and reflects the volatility in both the industry and the broader economy,” the company said.
In the large credit union tier, only California-based Chevron FCU and Texas-based JSC FCU again appeared in the top 10; while 2009’s top ranked CU, Pennsylvania-based Police and Fire, placed 11th in 2010. Six Texas-based credit unions are included in the top 25. The top-five credit unions in terms of brand value among CUs of more than $1-billion in assets are, in order, Austin Telco, Chevron FCU, Texas-based EECU, Utah-based Mountain America, and North Carolina-based Local Government.
Among credit unions in the $100 million to $1-billion in assets, 12 institutions returned to Bancography’s top 25. As in the larger asset size group, Texas-based CUs are strongly represented, including four of the top five: InTouch, Navy Army, and First Community. Georgia-based Gwinnett FCU was rated number four, while Texas-based Complex Community FCU was fifth.
In addition to Gwinnett FCU, new to Bancography’s top 25 list this year was Pennsylvania-based Mennonite Financial, New York-based AmeriCU, Idaho Central Credit Union and Utah-based University First Credit Union. “Despite its sizable population base, not a single Florida-based credit union reached the top 25 in either tier, confirming the degree to which the recession has impacted that state’s financial institutions,” the company said.