September 12, 2013: Newly released bank and credit union ratings from BAUERFINANCIAL, Inc., the nation’s leading independent bank rating firm, show the majority of the industry is on solid footing.
The percent of banks and credit unions recommended by the firm (i.e. rated 5-Stars or 4- Stars) both exceed 70% this quarter. Since the corresponding quarter a year ago, banks have improved from 66.6% to 71.3% receiving this coveted status. Credit Unions improved from 75.1% to 76.7% in that same time-frame.
Compared with a year-ago, banks at the other end of the spectrum (rated 2-Stars or below and therefore relegated to BAUER’s Troubled and Problematic Bank Report) dropped from 10.6% to 8.4%. Credit Unions rated 2-Stars or below dropped from 3.7% to just 3.3%.
The fact that more than seven out of ten financial institutions are recommended by the independent research firm, makes it easy to find strong ones to do business with. Just remember, they are not all created equal. Know before you go. To learn the rating of your bank or credit union (or one that you are considering for a new relationship) simply visit www.bauerfinancial.com to find out for free.