December 16, 2016: BAUERFINANCIAL, Inc., Coral Gables, FL, the nation’s leading independent bank rating firm, has released its final bank and credit union star-ratings for 2016. Community banks are essential to our nation’s economy and small businesses, yet we have hit a new milestone of sorts. The U.S. bank industry and the nation’s credit union industry have each dropped in number below 6,000. That represents a 30% decrease in banking choices since the Great Recession.
The industries are in far better condition than they were a few short years ago. Yet, Arizona, Georgia and New Jersey still have greater than 10% of their banks listed on Bauer’s Troubled and Problematic Bank Report. (New Hampshire and Puerto Rico have the highest percent of credit unions on Bauer’s Troubled & Problematic Credit Union Report.)
Whether or not you live in one of these states, resolve to check the star-ratings of your banks and/or credit unions every quarter. Starting now. It’s your money; protect it.
Looking up star-ratings is easy: simply visit bauerfinancial.com and select bank or credit union ratings. Then either browse an entire state or enter an institution name to narrow your search. Either way, check the rating of your banks and/or credit unions today! (Star-ratings on the nation’s 11,000 plus banks and credit unions are free; reports with historical ratings and financial highlights start at just $10.)