It Can Take a Long Time to Make a Quick Buck

It Can Take a Long Time to Make a Quick Buck

Mutual conversions were once a way to make an easy buck.  In the ’80s and ’90s it was common for depositors to open accounts at any mutual that would allow them. Then they’d sit back and hope the mutual would decide it was time to convert.

Depositors on record would get first crack at any stock offering and there was good money to be made. And it was easy money. But those conversions fizzled out after the turn of the century. Last year we reported that they were beginning to heat up again (JRN 34:12 & 32). But they’re different now.

Out of State Branches, Responsibilities

Remember when banks couldn’t cross state lines? We do. Federal regulations prohibited the practice. Although, as the country stumbled its way through the Savings and Loan crisis in the 1980s, many states passed their own laws permitting out-of-state bank holding companies to acquire banks in their state under certain circumstances.

All Credit Union Star-Ratings Now Updated

Shares and deposits increased by $65.5 billion (5.8%) from March 31, 2017, ending the first quarter 2018 at $1.204 trillion. While that number pales in comparison to the nation’s banks (roughly 10%), it has been growing steadily for years. In fact, the largest three U.S. banks each have deposits totaling more than the entire credit union industry.


Nationwide is (No Longer) on Your Side

As a depositor, that is. The $7.1 billion asset 5-Star Nationwide Bank, Columbus, OH is exiting the retail banking business in favor of more lucrative insurance and retirement operations.

Nationwide Bank was chartered in 1998 and added to our rate pages ten years ago (JRN 25:28). Over the years it has frequently been listed on our Top Rates chart. But no more.

Bauer's version of show and tell

Bauer’s Version of Show and Tell

Bauer’s new website makes it easier than ever to find banks with DBAs (doing business as another name). This will make it infinitely easier to get the correct rating on a bank or banks that operate under more than  one name …because Bauer doesn’t want it to be fairly easy to find the correct bank. We want it to be virtually impossible to select the wrong bank.