By Michael Souza
PBN Staff Writer
MIDDLETOWN – For the 80th consecutive quarter, People’s Credit Union has been recognized as a superior five-star-rated credit union by BauerFinancial Inc., a leading credit union and bank rating and research firm.
The rating denotes that People’s Credit Union is one of the best in the nation in terms of its overall financial performance. The rating also puts the credit union in an even more elite group of “sustained superiority institutions.” Only 7 percent of the nation’s credit unions can claim this distinction.
“We are so proud that we have earned this distinct rating every quarter for the last 20 years,” said Ellen Ford, People’s Credit Union president & CEO. “As we head into the New Year, our primary goal remains our member’s needs.”
“The recent uproar against big banks has shed a whole new light on the credit union model,” said Karen L. Dorway, president of BauerFinancial, which is located in Coral Gables, Fla. “While the primary focus on the big banks is dividend payments, smaller banks and credit unions tend to be local and therefore more in tune with the communities they serve. This focus on its membership has paid off as People’s Credit Union has earned Bauer’s highest five-star rating for strength and stability.”
People’s Credit Union serves members through six locations in Bristol, Middletown, Newport, North Kingstown, Portsmouth and Wakefield. It is a member-owned, state-chartered, federally insured, community credit union established in 1922. Membership is open to all individuals and deposits are insured up to $250,000 by the National Credit Union Administration, an agency of the federal government.