HeritageWest Credit Union is among the top credit unions in the state, according to Bauer Financial Inc. and Bankrate.com, two services that rate individual credit union performance nationwide.HeritageWest, a Tooele-based credit union ranked under its previous name of Tooele Federal Credit Union, received a combined ranking of 9 out of 10 on the rating list, which included 85 fully-reviewed credit unions from all over the state. Bauer Financial ranked HeritageWest with a 5 out of 5, while Bankrate.com ranked the institution with a 4 out of 5.

That combined ranking put HeritageWest among the top 32 percent of Utah’s credit unions surveyed.

Brett Valdez, marketing manager for HeritageWest Credit Union, which was formerly Tooele Federal Credit Union before this year, said his company has always received generally positive rankings over the years.

“I know that Bauer Financial has conducted rankings for a long time, and for well over a decade we have been receiving five-star ratings,” he said. “We have a solid board of directors, which works well with our senior management, and we also look to see the problems that may come in the future.”

Valdez said the overall positive relationship between HeritageWest employees and members is what keeps them successful.

“We have solid members who have good relationships with us, and we try to make sure our members come back to us and do a lot of banking in the future with us,” he said. “We try to meet their needs and offer the right products to them, so that they will always be there and keep coming back to us.”

Valdez said credit unions are generally a safer bet for saving money during hard economic times.

“Credit unions in general are more prudent in lending strategies than non-credit unions,” he said. “For example, we have never done any of the sub-prime lending, which is what got a lot of institutions into trouble. Most credit unions stay conservative throughout both the good and the bad, so at a time like now when the economy is struggling, we’re still doing well.”

Grantsville Federal Credit Union received a ranking of 4 for the study, which consisted of a 3 from Bauer Financial and a 1 from Bankrate.com.

However, Anne Goins, manager of Grantsville Federal Credit Union, said she was not aware of the study, and that her credit union is strong and stable.

Bauer Financial, which is based in Coral Gables, Fla., has been reporting on and analyzing the performance of U.S. banks and credit unions for the past 25 years. The financial data is compiled for national banks and thrifts from call report data, as reported to federal regulators.

Criteria used to determine the ratings included profitability/loss trends, evaluating the level of delinquent loans, chargeoffs and repossessed assets, market versus book value of the investment portfolio, regulatory supervisory agreements, the community reinvestment rating (CRA), and historical data and liquidity.

According to the study, 26 of the 85 credit unions surveyed across the state received combined rankings of 9, while only one, Salt Lake City-based IFA Employees Federal Credit Union, received a perfect 10. Twenty-one credit unions statewide were ranked with a sum total of 6 or below.

Doug Radunich: dougrad@tooeletranscript.com