Several local banks receive top financial strength rating from Bauer Financial

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 third quarter. Rating 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.

 

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Five-star rated banks in headquartered Rhode Island and southeastern Massachusetts included:

  • Bank Rhode Island
  • BankFive
  • BankNewport
  • BayCoast Bank
  • Bristol County Savings Bank
  • Centreville Bank
  • Citizens Bank NA
  • 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 NA
  • Bank of England
  • Berkshire Bank
  • Dime Bank
  • HarborOne Bank
  • J.P. Morgan Chase Bank NA
  • Milford Federal Bank
  • Santander Bank NA
  • United Bank
  • Webster Bank

The following banks headquartered in Rhode Island and Bristol County, Mass., received four-star ratings:

  • Freedom National Bank
  • Independence Bank
  • Washington Trust Co.

TD Bank was the only other bank with local operations that received four stars that was not headquartered in the area.

Five-star rated credit unions headquartered in Rhode Island and Bristol County, Mass., were as follows:

  • Blackstone River Federal Credit Union
  • Cranston Municipal Employees Credit Union
  • Cumberland Municipal Employees Credit Union
  • Fall River Municipal Credit Union
  • First Citizens Federal 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
  • Santo Christo Federal Credit Union
  • St. Anne’s of Fall River Credit Union
  • St. Anthony of New Bedford Federal Credit Union
  • St. Anthony of Padua Federal Credit Union
  • St. Dominic’s 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:

  • Acushnet Federal Credit Union
  • Community & Teachers Federal Credit Union
  • Coventry Teachers Federal Credit Union
  • Greenwood Credit Union
  • Postal Government Employees Federal Credit Union
  • Morton Federal Credit Union
  • Southcoast Federal Credit Union
  • St. Michael’s Fall River Federal Credit Union

Only one area bank, Admirals Bank, received lower than a four-star rating with a two-star rating. Three credit unions, Alliance Blackstone Valley Federal Credit Union, Coastal New England Federal Credit Union and Woodlawn Federal Credit Union were rated three stars.

Nancy Lavin is a PBN staff writer. Email her at Lavin@PBN.com.