Iberville Federal Credit Union gets superior mark from BauerFinancial, Inc.

Staff reports

Employees and members of the Iberville Federal Credit Union in Plaquemine received outstanding news recently when BauerFinancial, Inc. awarded a “Five Star” rating to the local institution.

“This is not the first time our credit union has received a five-star rating. We did receive one a few years ago, but everyone associated with our credit union is very excited about the recent recognition,” commented spokesperson Cora Pania.

BauerFinancial, Inc., out of Coral Gables, Fla. ranks banks, savings and loans, and credit unions every fiscal quarter of the year. Its founder is Paul A. Bauer. Other financial institutions in the Plaquemine area have gotten solid rankings in recent years, despite the national economic downturn. However, a five-star rating is the highest given by BauerFinancial and members of the IFCU are quite proud of their achievement.

BauerFinancial determines its star rating after financial institutions send in quarterly information. BauerFinancial uses a complex formula that factors in relevant data to determine its star rating. Some of the main factors used in determination are 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.

“They factor in all those positives and make comparisons with other financial groups. I don’t know exactly how they determine their star rating, but you have to be doing everything right to get five stars. We are very proud of this achievement,” noted Pania.