Business

Banks become a snore as economy continues to settle

Banks have once again become boring.

According to the Florida rating service Bauer Financial, the percentage of recommended banks nationwide rose from 71.2 percent a year ago to 75.5 percent at the end of the second quarter.

That’s the highest since the first quarter of 2007.

Among other, more local data:

•  Six South Sound banks received a top Bauer rating of five stars. They are Columbia, Commencement, Fife Commercial, Heritage, Kitsap and Olympia Federal Savings and Loan.



•  Only two banks statewide received a rating of zero. These were Eastside Commercial of Bellevue and Hometown National of Longview.



•  South Sound credit unions receiving the top rating were Alaska Airlines/Horizon Air, America’s, Community First, Harborstone, IBEW Federal, KBR, Mount Rainier Federal, Sound, Tacoma Longshoremen, Tacoma Narrows Federal, Twinstar, WCLA, Washington State Employees, White River and Woodstone.



•  Statewide, only Northwest Baptist Credit Union of Seattle rated nil, while Tulip Cooperative jumped from two stars at the end of the first quarter to three stars in the latest round.



•  Where Bauer recommended all banks in Alaska and New Hampshire, Washington saw 61.7 percent of its banks on the list and 10 percent classified as “problematic.” This compares with 51.5 percent recommended for the same quarter last year, and 15.2 percent listed as troubled.



•  Bauer offered no perfect statewide ratings to credit unions, and in Washington, 89.5 percent of credit unions were recommended and 1.0 percent problematic, compared to 89.6 percent recommended and 2.8 percent troubled a year before.



For a look at the full list, and a list of national banks doing business in the state, visit bauerfinancial.com.

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