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Fewer banks and credit unions troubled in Washington, more are recommended

Where 12.5 percent of Washington banks were “troubled or problematic” at the end of the third quarter 2013, only 8.3 percent were so declared a year later. The number of “recommended” banks likewise showed better results a year later, going from 53.1 percent to 65 percent.

So said the national bank rating service Bauer Financial in its latest report.

The number of troubled credit unions in Washington, at 1.9 percent for the third quarter last year, fell to an even 1.0 percent last September. The number of recommended credit unions rose from 88.7 percent to 90.3 percent, Bauer said.

Pierce and Thurston County banks receiving Bauer’s top five-star rating were Columbia, Commencement, Fife Commercial, Heritage and Olympia Federal. Only one state bank, Hometown National of Longview, received zero stars.

Among local credit unions to receive the top rating were America’s, American Lake, Community First, Evergreen Direct, Harborstone, IBEW 76, KBR, Mt. Rainier Federal, Our Community, Sound, Tacoma Longshoremen, Tacoma Narrows, Twinstar, WCLE, Washington State Employees and Woodstone. Only one state credit union, Northwest Baptist of Seattle, received zero stars.

For more information visit bauerfinancial.com.

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