PROVIDENCE – Nine local banks and 24 local credit unions were recognized with five-star ratings by Bauer Financial, according to the company this week.
An additional ten banks doing business in the area that are not headquartered in Rhode Island or Bristol County, Mass., also received a five-star rating in the report.
The Florida-based independent bank and credit union rating agency released its latest ratings based on financial data from the close of the fourth quarter. Ratings were designed to reflect the financial strength of an institution. Four and five-star ratings, labeled as excellent and superior respectively, were recommended by Bauer.
Five-star rated banks headquartered in Rhode Island and southeastern Massachusetts included:
- Bank Rhode Island
- BankFive
- BankNewport
- BayCoast Bank
- Bristol County Savings Bank
- Centreville Bank
- Citizens Bank N.A.
- Home Loan Investment Bank
- Mechanics Cooperative Bank
Five-star rated banks with operations Rhode Island and southeastern Massachusetts but not headquartered in the area included:
- Bank of America N.A.
- Bank of England
- Berkshire Bank
- Dime Bank
- HarborOne Bank
- P. Morgan Chase Bank N.A.
- Milford Federal Bank
- People’s United Bank N.A.
- Santander Bank N.A.
- Webster Bank N.A.
The following banks headquartered in Rhode Island and Bristol County, Mass., received four-star ratings:
- Freedom National Bank
- Independence Bank
- Washington Trust Co.
Five-star rated credit unions headquartered in Rhode Island and Bristol County, Mass., were as follows:
- Attleboro Municipal Employees Federal Credit Union
- Blackstone River Federal Credit Union
- Cranston Municipal Employees Credit Union
- Cumberland Municipal Employees Federal Credit Union
- Fall River Municipal Credit Union
- Goldmark Federal Credit Union
- Kent Hospital Federal Credit Union
- Navigant Credit Union
- New Bedford Credit Union
- Notre Dame Community Federal Credit Union
- Ocean State Credit Union
- Pawtucket Credit Union
- Pawtucket Municipal Employees Federal Credit Union
- Peoples Credit Union
- Postal Employees Regional Federal Credit Union
- Rhode Island Credit Union
- Sante Christo Federal Credit Union
- Anne’s of Fall River Credit Union
- Anthony of Padua Federal Credit Union
- Dominic’s Federal Credit Union
- Michael’s Fall River Federal Credit Union
- Taunton Federal Credit Union
- Wave Federal Credit Union
- Westerly Community Credit Union
Four-star rated credit unions located in the area were:
- Community & Teachers Federal Credit Union
- Greenwood Credit Union
- Morton Federal Credit Union
- Postal Government Employees Federal Credit Union
Two other credit unions received three-star ratings: Alliance Blackstone Valley Federal Credit Union and Woodlawn Federal Credit Union.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com. Follow her on Twitter at @NancyKLavin.
