“Given everything that has happened in the industry over the past
year, we are pleased to have the opportunity to share good news and
recognize high performing credit unions. Despite challenging
economic conditions, these credit unions were able to effectively
apply their strategies to perform at the highest levels. The credit
unions we recognize tend to have strong member relationships with an
average of $16,000 in deposit balances per household and $27,000 in
loan balances per household, yet they do this while maintaining
excellent expense control with an average efficiency ratio of about
65 percent, well below the 75 to 80 percent we see for most credit
unions. Their management teams, boards, employees and members
should be very pleased with this recognition,” offered Bill Handel,
vice president of research and product development with RFG.
More than 500 credit unions were evaluated for the Crystal
Performance Award through RFG’s CEO Strategies Group program. Each
of the winners ranked among the top two or three percent of all
credit unions analyzed by RFG for two consecutive reporting periods
in 2008. “Consistency in overall performance is requisite in our
selection of Crystal Performance Award winners” added Bob Dye,
general manager and chief operating officer with RFG. To be
eligible for the Crystal Performance Award, a credit union must
participate in the CEO Strategies Group for an in-depth analysis of
the credit union’s financials, sales, products and member household
relationships. RFG recognized the top credit unions in two asset
classes based on their 2008 performance: credit unions above $500
million and below $500 million in assets.
The Crystal Performance Award is presented annually at RFG’s CEO
Forum. For more information about the CEO Forum visit
www.raddon.com/forum
or call 800.827.3500.
About RFG
RFG, a strategic business unit of Open Solutions Inc., has been
providing research-based solutions exclusively to the financial
services industry since 1983. RFG understands the industry and knows
how consumers and businesses interact with financial institutions.
By combining our practical know-how with best practices in research
and analysis, RFG helps financial institutions manage their customer
relationships and their organizations.
RFG has been analyzing credit union performance through the CEO
Strategies Group for over 15 years. For more information about the
CEO Strategies Group, Crystal Performance Award or RFG, contact Dan
McGowan by email at
dmcgowan@raddon.com
or by phone at 800.827.3500. Visit RFG online at
www.raddon.com
or subscribe to RFG’s industry blog at
www.theraddonreport.com
About Open Solutions Inc.
Open Solutions Inc. offers a fully featured strategic information
management product platform that integrates core data processing
applications built on a single centralized Oracle relational
database, with Internet banking, cash management, CRM/business
intelligence, financial accounting and management tools,
profitability tools, wealth management, imaging, digital documents,
interactive voice response, technology services, HSAs, payments and
loan origination solutions. Open Solutions’ full suite of products
and services allows banks, thrifts, credit unions and financial
services providers in the United States, Canada and internationally
to better compete in today’s aggressive financial services
marketplace, and expand and tap their trusted financial
relationships, client affinity, community presence and personalized
service.
For more information about Open Solutions or its financial product
line, contact Deborah Katz, vp, corporate marketing, by email at
deb.katz@opensolutions.com
or by phone at 860.815.5385. Visit Open Solutions’ Internet site at
www.opensolutions.com.
Open Solutions Inc. is a registered trademark of Open Solutions Inc.
All other company and product names may be trademarks of their
respective owners. Copyright 2009 Open Solutions Inc. All rights
reserved.
# # #
Editor’s Note: The correct usage of the company name, Open Solutions
Inc., is either referring to it as Open Solutions Inc. or Open
Solutions. Open Solutions no longer uses the acronym of OSI to refer
to the company.
