Every quarter Bauerfinancial rates bank financial well-being with stars. If you're a bank you don't want your ratings to drop and you certainly don't want 2 stars - Problematic or 1 star - Troubled. And, a bank with "0" stars is in deep shit. Bauerfinancial only recommends 4 or 5 star banks.Below is the list of local banks that I have been tracking for 3 quarters. The September 30th 2009 rating appears before the bank name. The ratings, posted for December 2009 and March 2010, appear after the name ONLY if the star rating has changed. More than a few dropped a star.
Of the 7 zero star banks, Republic Federal Bank NA and Premier American Bank are gone. None of the zero banks from September improved their rating. There is only one local 5 star bank left, Intercontinental Bank of West Miami. Of the 33 local banks below, only 14 have 3 stars or more.
** 1st National Bank of South Florida, Homestead
***1/2 Bac Florida Bank, Miami
*** Bank of Coral Gables. December: **/March: *
ZERO Bank of Miami NA, Coral Gables
** Bank Atlantic. December: ***/March: **
(for the rest of list, hit read more)
*** Biscayne Bank, Coconut Grove. March: **
***** City National Bank of Florida, Miami. March: ****
** Community Bank of Florida, Homestead
**** Continental National Bank, Miami
*** Gibraltar Private Bank & Trust, Coral Gables
** Great Eastern Bank of Florida. March: *
* Great Florida Bank, Miami
*** Helm Bank, Miami
***** Intercontinental Bank West Miami
*** Intercredit Bank NA, Miami. March: **
***1/2 International Finance Bank, Miami
***1/2 JGB Bank NA, Miami. March ***
** Mellon United National Bank, Miami. December: */March **
** Metro Bank of Dade County, Miami. December: ZERO
**** Northern Trust NA, Miami
ZERO Ocean Bank
*** Pacific National Bank, Miami. December: **
** Plus International Bank, Miami December: ***
ZERO Premier American Bank, Miami. ADIOS - SEE FDIC
ZERO Republic Federal Bank NA, Miami. ADIOS - SEE FDIC
*** Sunstate Bank, Miami
*** TerraBank NA, Miami
*** Total Bank, Miami. December **
*** Translantic Bank, Miami
ZERO Turnberry Bank, Aventura
** Union Credit Bank, Miami. December: ZERO
*** US Century Bank, Miami. March: **
LOOK AT THIS GRAPHIC: Of the first 10 in New York there were 6 5 star banks and no zero banks. Of the first 10 in Florida there were no 5 star bank and one zero bank. The rest of the list followed suit in both states.
8 comments:
The five star rating system is about as informational as a traffic signal. But it does show that the economic crisis is still unwinding.
Bank of America is absoultely AWFUL. It's amazing they have any stars at all their customer service borders on criminal
The ratings are about financial health of the banks. It is not about their service or customer satisfaction.
I'm surprised BankUnited is not on this list. It must be well-capitalized, since it was sold. :)
I only looked at banks with Miami addresses for the most part.
Numbers lie. In general, however, many of the bad local banks were the first to fall and even the good ones are being stressed due to circumstances they did not create. It is what it is. Furthermore, FDIC is over regulating and beating up on the little guys (because they can), while they were totally inept at regulating the big guys. Even head of FDIC admitted to that.
How about US Century Bank?
What about great florida bank?
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