# ENCURAGE FINANCIAL NETWORK
Chicago, IL · NCUA charter 68450 · asset band $200-500M · latest filing 2024-03 · stopped filing after 2024-03 (departed; for a credit union that is almost always a merger)
Share link (named URL with a preview card): https://getbookiq.com/cu/encurage-financial-network-68450

Who the members are: state charter, organized 1936, low-income designated. 11,801 members of 6,262,871 potential (0.2% of the field); checking penetration 30% (share draft accounts per 100 members); loans per 100 members 46.

**Verdict on the desk:** this could be *stressed*. Composite score 9 of 18 (one point per flag across 17 flags, capital below 7% counted twice).

## What the filing shows

| Measure | Value |
|---|---|
| Total assets | $221.7M |
| Members | 11,801 (-11.8% YoY) |
| Full-time staff | 27 |
| Net worth | $15.4M |
| Net worth ratio | 6.9% (p1 of band) |
| ROA (annualized) | -1.29% (p1 of band) |
| Total delinquency | 0.81% (p75 of band) |
| Net charge-offs (annualized) | 0.89% (p85 of band) |
| Loans / shares | 124% (p100 of band) |
| Cash / assets | 3.1% |
| Borrowings / assets | 22.51% |
| Net interest margin | 2.18% (p9 of band) |
| Operating expense / assets | 3.16% (p36 of band) |
| Vehicles % of loans | 12% (p7 of band) |
| Indirect vehicle % of vehicle (all-channel basis before 2022) | 62% |
| Third-party paper % of net worth | 122% (p57 of band) |
| Vehicle delinquency | 5.24% (p100 of band) |
| Vehicle NCO | 1.26% (p85 of band) |
| Repossessed % of vehicle book | 0.00% (p24 of band) |
| Real estate % of loans | 68% |
| Credit cards % of loans | 0% |
| Unsecured % of loans | 12% |
| Commercial % of net worth | 84% |
| Core shares % of member funds | 34% |
| Certificates % of member funds | 20% |
| Average share balance | $7,276 |
| Participations bought / yr | $123,012 |
| Participations sold / yr | $0 |
| Participations outstanding | – |
| Loans outstanding per 100 members | 46% |
| Loans granted per 100 members, annualized | 15% |
| Average loan balance | $35,933 |
| Loans granted, annualized | $24.4M |

## Flags firing in the latest filing

- **thin capital** (`cap_low`)
- **capital below 7%** (`cap_critical`)
- **net worth falling** (`cap_falling`)
- **losing money** (`earn_negative`)
- **members leaving** (`shrink_members`)
- **loans>95% of shares** (`str_ltos`)
- **leaning on borrowings** (`str_borrowings`)
- **3rd-party paper>100% NW** (`str_thirdparty`)

## Warning timeline

| Quarter | Score | Flags that first fired | Flags that cleared |
|---|---|---|---|
| 2016-03 | 2 | delinquency 2x band, charge-offs p90 |  |
| 2016-06 | 2 |  |  |
| 2016-09 | 3 | net worth falling |  |
| 2016-12 | 2 |  | delinquency 2x band |
| 2017-03 | 2 |  |  |
| 2017-06 | 2 |  |  |
| 2017-09 | 2 |  |  |
| 2017-12 | 3 | margin squeeze |  |
| 2018-03 | 3 |  |  |
| 2018-06 | 6 | thin capital, leaning on borrowings, 3rd-party paper>100% NW |  |
| 2018-09 | 1 |  | charge-offs p90, net worth falling, margin squeeze, thin capital, leaning on borrowings |
| 2018-12 | 1 |  |  |
| 2019-03 | 1 | delinquency rising | 3rd-party paper>100% NW |
| 2019-06 | 4 | thin capital, net worth falling, delinquency 2x band |  |
| 2019-09 | 4 | assets shrinking, loan book shrinking | thin capital, net worth falling |
| 2019-12 | 5 | charge-offs p90 |  |
| 2020-03 | 8 | thin capital, net worth falling, losing money, margin squeeze | delinquency rising |
| 2020-06 | 7 | 3rd-party paper>100% NW | assets shrinking, losing money |
| 2020-09 | 4 | expense trap | loan book shrinking, thin capital, net worth falling, 3rd-party paper>100% NW |
| 2020-12 | 3 |  | margin squeeze |
| 2021-03 | 3 | thin capital, net worth falling | charge-offs p90, expense trap |
| 2021-06 | 3 | charge-offs p90 | delinquency 2x band |
| 2021-09 | 2 |  | net worth falling |
| 2021-12 | 1 |  | thin capital |
| 2022-03 | 1 | expense trap | charge-offs p90 |
| 2022-06 | 2 | charge-offs p90, leaning on borrowings | expense trap |
| 2022-09 | 4 | net worth falling, loans>95% of shares |  |
| 2022-12 | 6 | thin capital, margin squeeze, 3rd-party paper>100% NW | charge-offs p90 |
| 2023-03 | 6 | charge-offs p90, members leaving | leaning on borrowings, loans>95% of shares |
| 2023-06 | 9 | delinquency 2x band, delinquency rising, loans>95% of shares, leaning on borrowings | members leaving |
| 2023-09 | 8 | losing money, members leaving | net worth falling, charge-offs p90, delinquency 2x band |
| 2023-12 | 6 |  | margin squeeze, delinquency rising |
| 2024-03 | 9 | capital below 7%, net worth falling |  |

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

- 2025-01-28 [Vibrant Credit Union Changing Hands - Vermilion County First](https://news.google.com/rss/articles/CBMihwFBVV95cUxNQ1JRTlp1ZVVzcHNMV193dFB3UDRrdDZjblAxN1FOSFk4LWJMUkR3RC1SVGFTTW1DRGN4NTI0eUJzd2FrUzBWSVVUa2FRMFNmdjNKRmlzNkM5Ukdody1oV2Q2RDZMZlNLT0V0SUZWUmxTdXpZeUJfcjZsbllrYTRoN3hTTGt1bWM?oc=5) · Vermilion County First

## How to verify

- Page: https://getbookiq.com/cu-intel/#cu=68450 (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/34.json (key "68450", 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=68450
- 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