Six Pittsburgh-area credit unions landed on an independent research group's list of problem financial institutions for the second quarter, including one that received the firm's lowest rating.
Five of the six institutions received two stars out of a possible five in BauerFinancial's latest rankings, based on financial data for the three months ended June 30. Institutions earning two stars or fewer end up on the Coral Gables, Fla., firm's quarterly problem list.
There were no Pittsburgh-area banks on the problem list.
CGH credit union in New Kensington earned the lowest rating of the credit unions with zero stars, down from one star in the first quarter.
The institution is considered well-capitalized, but has been consistently posting losses and has a high level of past-due loans in relation to its size, BauerFinancial president Karen Dorway said in an email.
The manager at CGH could not be reached for comment Thursday.
Making the problem list does not signal that an institution is about to fail. However, customers may want to ensure that their deposits don't exceed the federal insurance limit of $250,000, Ms. Dorway said.
For people looking for a new credit union, BauerFinancial recommends institutions with four or five stars.
The five local credit unions that received two stars were Iron Workers, Downtown; Shacog, Mt. Lebanon; Southwest Communities, Carnegie; Trailblazer, Washington, Pa., and Westco, Greensburg.businessnews
Patricia Sabatini: email@example.com or 412-263-3066.