May 19, 2024
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SOCU named No. 3 Top Performing Credit Union in U.S.

Credit union has branches in Streator, Ottawa, Morris, Dwight and Pontiac

By Shaw Local News Network
SOCU, with branches in Streator, Ottawa, Morris, Dwight and Pontiac, was recognized by S&P Global Market Intelligence as one of the Top 100 Performing Credit Unions, securing the No. 3 spot in 2022, up from No. 7 in 2021, out of nearly 1,800 credit unions nationwide.

SOCU, with branches in Streator, Ottawa, Morris, Dwight and Pontiac, was recognized by S&P Global Market Intelligence as one of the Top 100 Performing Credit Unions, securing the No. 3 spot in 2022, up from No. 7 in 2021, out of nearly 1,800 credit unions nationwide. (Derek Barichello)

SOCU, with branches in Streator, Ottawa, Morris, Dwight and Pontiac, was recognized by S&P Global Market Intelligence as one of the Top 100 Performing Credit Unions, securing the No. 3 spot in 2022, up from No. 7 in 2021, out of nearly 1,800 credit unions nationwide.

S&P Global Market Intelligence calculated scores for each company based on five metrics: member growth; total number of loans per member; net worth as a percentage of total assets; delinquent loans as a percentage of total loans and return on average assets. Criteria for the rankings included credit unions with more than $100 million in total assets and a net worth ratio of at least 7% as of Dec. 31, 2022.

SOCU was organized in 1939 and was originally limited to serve the financial needs of the employees and families of Owens Illinois Glass. Over the years, it has expanded its charter to serve anyone living or working within 16 counties in central Illinois. This allowed SOCU to grow to more than $335 million in assets and more than 35,000 members with six full-service branches as well as complete online account opening services. SOCU ended 2022 with more than 15% loan growth, strong capital at 15.29%, delinquency numbers below in-state peers.

“SOCU is once again honored to be ranked as one of the Top Credit Unions in the U.S. by S&P Global Market Intelligence,” said CEO Doug Patterson in a news release. “Our No. 3 ranking demonstrates the financial strength of our organization as we provide positive returns to our membership and reinvestment back into our local communities. This success is evidence of our entire team’s commitment to the people helping people philosophy, and we continue working toward our vision of growing communities to be financially stronger together.”

To learn more about SOCU, visit www.socu.org.