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New Bank & Credit Union Star-Ratings; Bauer Stresses Importance of Staying Informed as Industry Consolidates

September 12, 2019: BauerFinancial, Inc., Coral Gables, FL, the nation’s leading independent bank and credit union rating firm, is proud to announce that over 200 institutions have just earned its highest (5-Star) rating, that previously had not. The new ratings, based on June 30, 2019 financial data, are available free of charge at bauerfinancial.com. Star-ratings are assigned on a scale of zero to five-stars with five being the strongest and reflect the overall financial strength of the institution. 

This is a particularly important in today’s environment of mergers and acquisitions. Over 150 institutions were lost to mergers during the first half of 2019 alone. These were not government assisted failures, but simply two (or more) institutions deciding they could be more efficient if they combined forces. (These numbers do not include the pending union between BB&T and SunTrust—both of which are currently rated 5-Stars.)

As a byproduct of the consolidation, many consumers are waking up to discover they have a new financial institution, and not by their own choice. In fact, this can even happen if your bank is the acquiring institution, as some of BB&T’s customers will soon learn as it begins eliminating overlapping branches for Truist Bank (the name of the combined bank). We encourage everyone, whether they have a new banking relationship or old, to check their institution’s star-rating each quarter. Speaking of relationships, consider local, community banks as an alternative to the big banks. You may discover they have exactly what you are looking for… and they know your community better than anyone.

That’s why we make star-ratings available for free on our website. To find out the rating of your bank or credit union, or the rating of an institution that is merging with yours, simply visit bauerfinancial.com. Look up as many ratings as you like. Free really does mean Free. While you’re there, check out our CD rate pages to get the best CD rates in the country and read all about the current status of the banking  industry.

It’s Simple. It’s Smart. And it’s Free on our website: bauerfinancial.com.

BauerFinancial: providing the public with the knowledge they need to make informed decisions regarding their banking relationships since 1983.