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10 area banks, CUs earn top ratings

BauerFinancial, a Florida-based rating firm, on Friday released its quarterly nationwide and local look at banks and credit unions.

Along with reporting and tracking data from the nation’s financial institutions, BauerFinancial also offers a 0-5 star rating for each bank or credit union.

For the first time since 2007, 38 percent of the nation’s banks have earned five stars. Troubled banks – those with two or fewer stars – made up 12.7 percent of the industry.

Among credit unions, more than 65 percent earned four or five stars, while only 5.6 percent earned two stars or fewer.

Four banks with ties to the South Sound earned a full five-star rating: Fife Commercial Bank, Olympia Federal Savings and Loan, Valley Bank of Puyallup, and Central Valley Bank, which is owned by Heritage Financial of Olympia.

Six local credit unions made top marks: Cascade Federal of Kent, IBEW 76 Federal of Tacoma, Mount Rainier Federal of Puyallup, Sound CU of Tacoma, Tacoma Narrows Federal and WSECU of Olympia.

Among banks listed with zero stars, most are located outside the South Sound, with the nearest in Seattle .

For a look at the rating for any bank or credit union nationwide, visit www.bauerfinancial.com.

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