PROVIDENCE – Nearly all banks and credit unions operating in the Rhode Island consumer market received 4 or 5 stars – the two highest ratings – in BauerFinancial Inc.’s latest quarterly review of financial institutions nationwide.
Overall, 21 of 22 Rhode Island banks and 17 of 20 Rhode Island credit unions received four or five stars from the bank and credit union research firm, based in Coral Gables, Fla. The ratings were based on financial data as of Sept. 30, as reported to federal regulators. The firm’s next round of ratings is expected in March.
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Institutions that receive 4 or 5 stars are recommended by BauerFinancial. Five stars, the highest rating, means an institution is considered superior; 4 stars means it is considered excellent; 3.5 stars means it is considered good; 3 stars means it is considered adequate; 2 stars means it is considered problematic; 1 star means it is considered troubled; and zero stars is the lowest rating.
Banks operating in Rhode Island that received 5 stars:
- Bank of England, based in England
- Bank Rhode Island, based in Providence
- BankFive, based in Fall River
- BankNewport, based in Newport
- BayCoast Bank, based in Swansea
- Bristol County Savings Bank, based in Taunton
- Centreville Bank, based in West Warwick
- Coastway Community Bank, based in Warwick
- Dime Bank, based in Norwich, Conn.
- Freedom National Bank, based in Smithfield
- Home Loan Investment Bank, based in Warwick
- Milford Federal Bank, based in Milford, Mass.
- Santander Bank, based in Wilmington, Del.
- Savings Institute Bank and Trust Co., based in Willimantic, Conn.
Banks operating in Rhode Island that received 4 stars:
- Bank of America, based in Charlotte, N.C.
- BNY Mellon, based in Pittsburgh
- Citizens Bank, based in Providence
- Independence Bank, based in East Greenwich
- TD Bank, based in Wilmington, Del.
- The Washington Trust Co., based in Westerly
- Webster Bank, based in Waterbury, Conn.
Admirals Bank, based in Boston, received a rating of 2 stars.
Credit unions operating in Rhode Island that received 5 stars:
- Cranston Municipal Employees Credit Union, based in Cranston
- Cumberland Municipal Employees Federal Credit Union, based in Cumberland
- Kent Hospital Federal Credit Union, based in Warwick
- Navigant Credit Union, based in Smithfield
- Ocean State Credit Union, based in Coventry
- Pawtucket Credit Union, based in Pawtucket
- Pawtucket Municipal Employees Federal Credit Union, based in Pawtucket
- People’s Credit Union, based in Middletown
- Postal Employees Regional Federal Credit Union, based in Pawtucket
- Rhode Island Credit Union, based in Providence
- Wave Federal Credit Union, based in Warwick
- Westerly Community Credit Union, based in Westerly
Credit unions operating in Rhode Island that received 4 stars:
- Blackstone River Federal Credit Union, based in Woonsocket
- Community & Teachers Federal Credit Union, based in East Providence
- Coventry Teachers Federal Credit Union, based in Coventry
- Greenwood Credit Union, based in Warwick
- Postal Government Employees Federal Credit Union, based in Providence
In addition, Alliance Blackstone Valley Federal Credit Union, based in Pawtucket, received 3 stars and Woodlawn Federal Credit Union, also based in Pawtucket, received 2 stars. Natco Employees Federal Credit Union, based in West Warwick, was not rated.
BauerFinancial does not rate credit unions that either have less than $1.5 million in assets, are not National Credit Union Administration insured, or are too new to rate.
Scott Blake is a PBN staff writer. Email him at Blake@PBN.com.
