Fort Knox Federal again rated among nation's top credit unions

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By The Staff

The National Credit Union Administration has again ranked Fort Knox Federal Credit Union in the highest percentiles for net worth, investment yield and return on assets among the 4,759 federal credit unions nationwide.

For the third quarter ending Sept. 30, Fort Knox Federal reported quarterly net income of $4 million and a year-to-date net income of $11.2 million, placing it in the Top 4 percent of all credit unions.

Since Fort Knox Federal, like all credit unions, is a not-for-profit financial cooperative owned by its respective members, net income is used to secure members' deposits, provide higher returns on savings and lower interest rates.

In the recent peer review release by NCUA, Fort Knox Federal was in the 90th percentile of net worth, 91st percentile for investments yield and 96th percentile for ROA.

"During a recession, when some other financial intuitions are losing money, we are extremely pleased with our performance and demonstrated financial strength," according to Bill Rissel, Fort Knox Federal president and CEO.

Also, Fort Knox Federal continues to receive BauerFinancial Inc.'s highest 5-Star Superior rating for financial strength and stability.

BauerFinancial is the nation's leading independent bank and credit union rating and research firm and has been reporting on and analyzing financial institutions' performance since 1983. The 5-Star Superior rating is based on the overall financial picture of the credit union and indicates that Fort Knox Federal is one of the strongest credit unions in the nation.

"This is further evidence that our members' deposits are secure and that Fort Knox Federal is meeting and surpassing our members' financial service needs," Rissel said.

"Our members can take great comfort in the fact that their Credit Union continues to be absolutely safe and sound. Actually, Fort Knox Federal is anticipating another very successful year for 2009. In 2008, we had a record year with 17 percent growth and increased comparable assets by $106 million at year end," Rissel said.

Fort Knox Federal was recently selected to serve the more than 3,000 civil service and military workers who will staff the U.S. Army Human Resources Center of Excellence when it opens next year at Fort Knox. The Credit Union will open its third branch office on post and it will be located within the HRCoE complex. Fort Knox Federal is the only financial institution with offices both on and off post.