South Sound banks and credit unions score well with financial rating service

Staff writerJune 13, 2014 

It’s been a five-star first quarter for local banks and credit unions.

The financial-institution rating service Bauer Financial this week released its latest snapshot of banks and credit unions across the state and nationwide. 

The results indicate that local institutions are doing well.

• Columbia Bank and Commencement Bank, both based in Tacoma; Fife Commercial Bank in Fife, Olympia-based Heritage Bank and Olympia Federal Savings and Loan each earned Bauer’s top, five-star rating.

• Only two state banks - Eastside Commercial of Bellevue and Hometown National of Longview – received the lowest, zero-star rating.

• Bauer reported that 9.7 percent of state banks were “troubled and problematic” at the close of the first quarter, down from 16.2 percent recorded at the end of March 2013.

• Among credit unions, South Sound five-star institutions included Alaska Airlines/Horizon Air C.U. of SeaTac; America’s C. U. of JBLM; BECU of Tukwila; Cascade Federal C.U. of Kent;  Mount Rainier Federal C.U. of Puyallup; Community First C.U. of DuPont; Tacoma Longshoremen C.U., of Fife; Tacoma Narrows Federal C.U. of Ruston; Twinstar C.U., WCLA C.U. and Washington State Employees C.U of Olympia; White River C.U. of Enumclaw; Woodstone C.U. of Federal Way; and Harborstone C.U., IBEW 76 Federal C.U., KBR C.U. and Sound C.U. of Tacoma.

• Only one state credit union – Northwest Baptist Federal – earned a zero.

• Bauer reported that 1.9 percent of state credit unions were troubled, the same percentage noted a year ago.

For a look at the full list of ratings, visit www.bauerfinancial.com.

 

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