ACROSS IL, 230 Banks Still Get 5-Star Ratings!
FLORIDA-BASED RATINGS COMPANY IDENTIFIES ITS TOP-RATED IL BANKS!
Don't believe all the doom and gloom! Despite a shifting Real Estate Market here in Chicago and across Illinois, many banks across the state still receive high rankings.
According to Bauer Financial of Coral Gables FL, and as summarized in Becky Yerak's story in today's Chicago Tribune, the following IL Banks are included in the list worthy of Five Stars, based on analysis of their capitalization, liquidity, income, and percentage of loans currently in default -
Albany Bank & Trust, Chicago
Burling Bank, Chicago
Central Federal Savings Bank, Chicago
Community Savings Bank, Chicago
Liberty Federal Bank for Savings, Chicago
Park Ridge Community Bank, Park Ridge IL
Hoyne Savings Bank, Chicago
North Bank, Chicago
People's Bank, Arlington Heights IL
The Bauer Organization rated 662 banks across IL. The states biggest retail banks - J.P. Morgan Chase and Bank of America, got ratings of 3.5 and 3 Stars, respectively. Harris Bank received a 3.5 Star Rating from the organization as well.
The 230 top-rated IL banks compares to the 280 financial institutions that received the same top rating by Bauer in 2007.
Across the U.S., the number of banks rated 4 or 5 Stars fell to 55% of the total, from 70% in 2007. The number of banks rated two stars or less increased from 2% to 9% during the same period.
Even in light of the Bauer Ratings, the Federal Deposit Insurance Corporation (FDIC) reminds savers that all bank deposits are insured against loss, through 2009, up to a maximum of $250,000 per qualified account. No matter the rating of an individual bank, savers don't risk a penny of their investments so long as their account balances fall below the covered maximum amount.
DEAN MOSS & DEAN'S TEAM CHICAGO
