# VERMONT STATE EMPLOYEES
Montpelier, VT · NCUA charter 60717 · asset band $1-10B · latest filing 2022-12 · stopped filing after 2022-12 (departed; for a credit union that is almost always a merger)
Share link (named URL with a preview card): https://getbookiq.com/cu/vermont-state-employees-60717

Who the members are: state charter, organized 1947. 71,598 members of 626,042 potential (11.4% of the field); checking penetration 55% (share draft accounts per 100 members); loans per 100 members 43.

**Verdict on the desk:** this could be *liquidity-tight*. Composite score 2 of 18 (one point per flag across 17 flags, capital below 7% counted twice).

## What the filing shows

| Measure | Value |
|---|---|
| Total assets | $1.13B |
| Members | 71,598 (1.1% YoY) |
| Full-time staff | 193 |
| Net worth | $105.6M |
| Net worth ratio | 9.4% (p29 of band) |
| ROA (annualized) | 0.83% (p50 of band) |
| Total delinquency | 0.55% (p69 of band) |
| Net charge-offs (annualized) | 0.14% (p40 of band) |
| Loans / shares | 99% (p76 of band) |
| Cash / assets | 3.0% |
| Borrowings / assets | 7.49% |
| Net interest margin | 3.21% (p88 of band) |
| Operating expense / assets | 3.12% (p67 of band) |
| Vehicles % of loans | 9% (p8 of band) |
| Indirect vehicle % of vehicle (all-channel basis before 2022) | 33% |
| Third-party paper % of net worth | 32% (p18 of band) |
| Vehicle delinquency | 1.65% (p97 of band) |
| Vehicle NCO | 0.94% (p95 of band) |
| Repossessed % of vehicle book | 0.04% (p53 of band) |
| Real estate % of loans | 69% |
| Credit cards % of loans | 2% |
| Unsecured % of loans | 11% |
| Commercial % of net worth | 67% |
| Core shares % of member funds | 70% |
| Certificates % of member funds | 7% |
| Average share balance | $7,273 |
| Participations bought / yr | $0 |
| Participations sold / yr | $0 |
| Participations outstanding | – |
| Loans outstanding per 100 members | 43% |
| Loans granted per 100 members, annualized | 10% |
| Average loan balance | $30,030 |
| Loans granted, annualized | $252.1M |

## Flags firing in the latest filing

- **loans>95% of shares** (`str_ltos`)
- **leaning on borrowings** (`str_borrowings`)

## Warning timeline

| Quarter | Score | Flags that first fired | Flags that cleared |
|---|---|---|---|
| 2016-03 | 1 | thin capital |  |
| 2016-06 | 1 |  |  |
| 2016-09 | 4 | net worth falling, loans>95% of shares, leaning on borrowings |  |
| 2016-12 | 3 |  | net worth falling |
| 2017-03 | 2 | delinquency 2x band | loans>95% of shares, leaning on borrowings |
| 2017-06 | 4 | delinquency rising, loans>95% of shares |  |
| 2017-09 | 2 |  | delinquency 2x band, delinquency rising |
| 2017-12 | 4 | net worth falling, leaning on borrowings |  |
| 2018-03 | 4 |  |  |
| 2018-06 | 3 |  | net worth falling |
| 2018-09 | 3 |  |  |
| 2018-12 | 2 |  | thin capital |
| 2019-03 | 3 | thin capital |  |
| 2019-06 | 5 | net worth falling, delinquency 2x band |  |
| 2019-09 | 1 |  | leaning on borrowings, thin capital, net worth falling, delinquency 2x band |
| 2019-12 | 1 |  |  |
| 2020-03 | 3 | thin capital, net worth falling |  |
| 2020-06 | 2 |  | loans>95% of shares |
| 2020-09 | 1 |  | net worth falling |
| 2020-12 | 1 |  |  |
| 2021-03 | 2 | net worth falling |  |
| 2021-06 | 1 |  | net worth falling |
| 2021-09 | 1 |  |  |
| 2021-12 | 1 |  |  |
| 2022-03 | 0 |  | thin capital |
| 2022-06 | 0 |  |  |
| 2022-09 | 0 |  |  |
| 2022-12 | 2 | loans>95% of shares, leaning on borrowings |  |

## In the news (Google News, unfiltered, newest first; check the city)

- 2022-11-09 [By a narrow margin, Vermont State Employees Credit Union members approve a merger - VTDigger](https://news.google.com/rss/articles/CBMiswFBVV95cUxOdjVNVVYzVnhOSWwyQkxmbEx4NnVJejRvQlVhYW5PU0N3emZFOTJCNERkaU9qU1doRGNPWk11S1JYeUNNSmFZN2JZT1NZaVFvWF9tR1lEYUJ1Z1dlcTJKMmRTTEt2YnN3MVNsM0tqZXlBUFBNeF9KUHh3SGNCX05SODY5UDZPVmRuWkZBdm1JdEhpLTVkMm9aMTBNOEFMYS0xT25TMzNVVEI4SjRuYnRaR3lXZw?oc=5) · VTDigger
- 2024-07-14 [2 merged New England credit unions announce new name - WCAX](https://news.google.com/rss/articles/CBMikAFBVV95cUxNSDZPbUV1aEN4ZXBzcnkzdHFtM0RmSFBvZjlzMU9qcHRwd011TEZHWktMRG5tQV9NRTdna0hWbVJRd0FDUmNrWlVUR3V1MVlyTkNhZDNwcjdfRkJkc3hta21FQVZVb05DRnUxZzlvRncyd1hUZE95RW43Yk14V3cwLUZoR3dYbU5aZmh6ZDJoT3HSAaQBQVVfeXFMT2VNRURYcnNPbEQ2VXBDM0RJUExMeFp2QXViNmxJV21JRnhPYXlxQ3g1dGJLQXhOTi1aT2RuaEdUZ0lER2tEdDE4VUFHTVRIT1EwaHhrWF9iaFBqdnRvd0RBTldWMXlVcV9hSXVBQ3B6akVHNlRPbVUzalduZjQwT0F0MmFaeGpVaWp0R2R4SVdaaldMaW9NYkRJUXNwM3NUVUs0REg?oc=5) · WCAX
- 2024-06-27 [Merged credit unions NEFCU and VSECU settle on new name: EastRise - VTDigger](https://news.google.com/rss/articles/CBMingFBVV95cUxNTUt4UFFWb241NldXM0h0NUQtMXloT2FfVS0wdnBzcGJDaUJUSFRHRG9ET3JJdjB0TW5GRjcweXVWX0t6UFZLT3BTenByX1I4MWF6YUdVQmRQOUdZWWZobllIZkdiSXNOdHgwVHpJUndvODRMVzNGWXhGMUdjdUU3Q0tHeEd5R0FvOUxVeHNnU18tNjJlV3JLQnZJaGJNdw?oc=5) · VTDigger
- 2026-03-16 [Vermont Banking: A sector under pressure, a sector in motion - Vermont Business Magazine](https://news.google.com/rss/articles/CBMimAFBVV95cUxNa0xyYXBsaTAyaF9vYjBEVTF4cmVONUNXTHVSa1VZZXdDRGZLUnl4czRHMW9qQUg5Nm1PRFJYQV91SFEyejBLeUNSeGNwUVB6bU5seXlQOW1GTXpyNjZTS29QOXZRX1VNOU4tcC1hOFZLU1UwMW1RVkE5MXNCTUp1UlFGU1JOQkw4cWZjRTM3dDZtaVBPd3NZdg?oc=5) · Vermont Business Magazine
- 2018-01-16 [UPDATED: Suspect dead after credit union robbery, standoff at Montpelier High School - VTDigger](https://news.google.com/rss/articles/CBMivAFBVV95cUxQNDJVczJtWTRPZjd4YTJnZllIXzhaOUg4VEwtOEdCcGxFdWhCLWFha1F2SVpZc1ltWGQta29JaDJDS2NWakZrbnJ4WW9XanhBYmQ5Nkg5cm5ZLVphSkFUNlNYQ0ZOUTUxaGRRWHAxRXE3aU52NG1hTlBUa0cyWU9FdnAyamllZ3VlUGhfemo2SVFsUlU3LUhWMFU1NEhvVGJ1SWxkeHNqLVJBUVl4X0hybGlFZWlBZ18tWUtMbA?oc=5) · VTDigger
- 2009-01-08 [Gwendolyn Armstrong Obituary (2009) - Berlin, VT - Perkins-Parker Funeral Home Cremation Services - Waterbury - Legacy obituary](https://news.google.com/rss/articles/CBMiigFBVV95cUxPUUpsRVpFZmdmRlBDYXdUNFJQVF8ybDVSQjg2NGpNdFVCdzhzNGtORFpZTHdHUW4tUk80Z1lDTS1EQmtUM2ctV0JTODVWMmdoM29LTllsa3lPS1l6M1FkV0MwRzBabllOQVhuVjJ2UFJWNkp0VWttdFVELXVVanlYZ3BERE16UUlPb3c?oc=5) · Legacy obituary
- 2019-01-01 [Report: Vermont wages are stuck at 2010 levels - VTDigger](https://news.google.com/rss/articles/CBMie0FVX3lxTE41N0diXzUxM2c0QzhCOWV5TktTak9uMmNaQ2JNU2ZZUzNaVm5mQXFvWkg3WC1jYTdEMUM2RHFzU3htcm9wZWRpVHp3blQ1Y1B5dGhOcEk1UmF3by1XczJ0WXJBdGNNeTFQd0ZPWDVGd3N3emxrblZxVlR5RQ?oc=5) · VTDigger
- 2024-10-17 [Union Mutual ceding control to Massachusetts insurance companies - VTDigger](https://news.google.com/rss/articles/CBMingFBVV95cUxOakgyZTZkRW5IVkdMdXYzOU91RzI1ejg1TjI3SnhfWDdYaWlBLTJTUlY5TVFtR1AwSjgzUjBqQXYxWnF2SldvcDBmWHRoQnZDQkU3bXZvTTFjc1dOX0RqNXJzQU5aUTRSMjl5QVhpT1pxcHN2NVBEWm1sN21ZUUl5MXpiNnE5Z3VxUGQ0VVI0eGZWWTkzUnprQkhaLW9zZw?oc=5) · VTDigger

## How to verify

- Page: https://getbookiq.com/cu-intel/#cu=60717 (every cell opens its formula and NCUA account codes; the News tab is the same search)
- Latest row, JSON: https://getbookiq.com/cu-intel/data/summary.json · history: https://getbookiq.com/cu-intel/data/h/45.json (key "60717", columns cycle, assets, loans, shares, networth, nwr, roa, total_dq_pct, total_nco_pct, vehicle, veh_pct_loans, indirect, ind_pct_veh, ind_veh, ind_re, ind_comm, ind_other, ind_pct_loans, loans_n, granted_n_ytd, granted_ann, loan_pen, granted_pen, avg_loan_bal, loans_per_fte, veh_part, tp_pct_nw, veh_dq_pct, veh_nco_pct, repo_pct_veh, members_yoy, ltos, cash_pct, borrow_pct, nim_pct, opex_pct, risk_score, members, fte, cash_total, invest_sec, allowance_eff, int_income_ytd, int_exp_ytd, provision_eff_ytd, nonint_income_ytd, nonint_exp_ytd, net_income_ytd, n_flags, re_pct_loans, cc_pct_loans, comm_pct_loans, cert_pct_shares, core_pct_shares, part_buy_ann, part_sell_ann, pot_members, sh_draft_n, chk_pen, fom_pen, flags)
- Participation history: https://getbookiq.com/participation-desk/#cu=60717
- Field definitions: https://getbookiq.com/dictionary/#cu-ltos and the rest of the credit union dictionary
- Source: NCUA 5300 call report bulk files. Income fields are annualized by cycle month (Mar x4, Jun x2, Sep x4/3, Dec x1). Percentiles are within the asset band in the same quarter.

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Rendered 2026-09-10 from the desks' own data files. Full guide: https://getbookiq.com/guide