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 5 quarters. The September 30th 2009 rating appears before the bank name. The ratings, posted for December 2009, March 2010, June 2010 and September 9, 2010 appear after the name ONLY if the star rating has changed. Some I refreshed, so you would know I did check them all.
There is only one local 5 star bank left, Intercontinental Bank of West Miami. The Bank Manager said the secret to their success is "Being Purdent." U.S. Century Bank is still at 1 star. Ocean is still at ZERO. Two more ZERO local banks bit the dust this quarter, taken over by FDIC: Metro Bank and Turnberry Bank.
** 1st National Bank of South Florida, Homestead - Still at 2, 9/9/2010
***1/2 Bac Florida Bank, Miami - Still at 3 1/2, 9/9
*** Bank of Coral Gables. December: **/March: */June 2010 ZERO. Sept.: *
ZERO Bank of Miami NA, Coral Gables (June 2010 Still ZERO) Sept. 2010 ZERO
** Bank Atlantic. December: ***/March: **/September 2010: **
(for the rest of list, hit read more)
*** Biscayne Bank, Coconut Grove. March: **/June 2010 **/Sept. 2010 ***
***** City National Bank of Florida, Miami. March: ****/June 2010 ***/Sept. 2010 ***
** Community Bank of Florida, Homestead/ Sept. 2010 **
**** Continental National Bank, Miami. June 2010 ***1/2/Sept. 2010 ***1/2
*** Gibraltar Private Bank & Trust Coral Gables. June 2010 ***1/2/Sept. 2010 ***1/2
** Great Eastern Bank of Florida. March: */ June 2010 */September 2010 *
* Great Florida Bank, Miami. June 2010 ZERO /Sept. 2010 ZERO
*** Helm Bank, Miami. Sept. 2010 still ***
***** Intercontinental Bank West Miami. June 2010 still *****/Sept. 2010 *****
*** Intercredit Bank NA, Miami. March: **/June 2010 **/Sept. 2010 **
***1/2 International Finance Bank, Miami. Sept. 2010 still ***1/2
***1/2 JGB Bank NA, Miami. March ***/June 2010/Sept. 2010 ***
*** Marquis Bank June 2010 (was a start-up prior) Sept. 2010 ***
** Mellon United National Bank, Miami. December: */March ** (Changed Names Sabadell)
** Metro Bank of Dade County, Miami. December: ZERO June 2010 ZERO, Sept. SEE FDIC
**** Northern Trust NA, Miami. Sept. 2010 still ****.
ZERO Ocean Bank, Miami. June 2010 still ZERO. Sept. 2010 still ZERO.
*** Pacific National Bank, Miami. December: **/Sept. 2010 **
** Plus International Bank, Miami December: ***/Sept.2010 ***
ZERO Premier American Bank, Miami. ADIOS - SEE FDIC (Now it is a start-up)
ZERO Republic Federal Bank NA, Miami. ADIOS - SEE FDIC (off list 9/2010)
----Sabadell /(was Mellon Bank) Sept. 2010 ***
*** Sunstate Bank, Miami. Sept. 2010 ***
*** TerraBank NA, Miami. Sept. 2010 ***
*** Total Bank, Miami. December **/ June 2010 ***/Sept. 2010 ***
*** Translantic Bank, Miami. June 2010 ***1/2/Sept. 2010 ***1/2
ZERO Turnberry Bank, Aventura June 2010 Still ZERO//Sept. 2010 FDIC
** Union Credit Bank, Miami. December: ZERO// June 2010 ***/Sept. 2010 ***
*** US Century Bank, Miami. March: **/ June 2010 */Sept. 2010 *
10 comments:
I have reviewed these often. The ratings are off on a few, which lead me to wonder about the whole list. For instance, one bank last time was rated poorly but had just received a huge infusion of capitol and another was showing moderately good and inside info said they were going up in flames. Bankers talk too, you know.
Sounds US Century Bank is on life support. Isn't that where the Miami Dade county commission, banks? Didn't they get an Obama bailout?
Some privately owned banks report once a year. That accounts for the lapse in movement onthe list.
Hey Pepe Diaz, move your account!
This is important information, as it is THE reason for the financial shape of the country; insufficient regulation. These banks are allowed to loan up and invest to the hilt. One bad mistake and they're through. The federal and state "regulators" let the little one go under, but the big ones are "too big to fail".
The big banks are essentially allowed to gamble with our money, because that's where the funds for their bailouts come from.
It's worse than that: the banks failed, then took money at 0 percent interest from the Fed, loan that money back to consumers at 5%, pocket the difference to recapitalize, and use it to fund lobbyists to strangle representative democracy. We're funding the jerks with our tax dollars to screw us. And they drive around in Bentleys and Mercedes and live in fancy condos and homes on Key Biscayne.
I wonder if the Board of US Century has paid back their loans?
David, as to your comment, you are partially correct. Larger banks have been under-regulated for some time. Smaller banks tend to be over regulated in many instances. They pay way more for FDIC insurance and they are being squeezed out by the Intra State Banks, who have created the big messes in the mortgage industry and Wall Street.
The nationals have hidden behind their National charters and thumbed their noses at good citizens while they charge 400% interest with overdraft charge "fees" and call their local branches "retail centers". Chase has been stodgy on work outs of mortgages. Citi (we have a different name for that one) and Bank of American are not much better.
There is a difference. Many local banks have been conservatively and are now suffering because of the sins of the big boys (who I call Banksters). Now, the little guys have to anti up their FDIC insurance three years ahead of time (to line the empty coffers).
One thing we can do as Dade County residents is find good local banks and start supporting them. What makes a good bank: community responsibility in lending practices, no Reg "O" violations, ethical board practices, customer service, etc. I don't think US Century Bank is on that list. But there are others that might be.
Thanks for setting me straight, annie nonymous!
I am not Annie, who ever she is, but I do enjoy your blogs and frequently agree with you on things. Hey, we definitely share an opinion about US Century.
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