Conditions continue to improve at state banks, credit unions

The overall condition of Washington-based banks and credit unions continues to improve.

The bank and credit union rating service Bauer Financial has released data from its quarterly survey of institutions in the state, and where 5.2 percent of banks were troubled at the end of March, and 74.1 percent of banks were recommended, the latest quarter saw 86.5 percent of banks recommended and none troubled or problematic.

The condition of credit unions also improved, according to Bauer data, with 92.6 percent of institutions recommended, compared with 92.1 percent in the previous quarter, and with 1.1 percent of institutions marked as troubled, compared with 3 percent the quarter before.

Several banks received a performance-based five-star rating from Bauer.

In the South Sound, the five-star banks included Columbia State Bank and Commencement Bank, both of Tacoma; and Heritage Bank, Olympia Federal Savings and Loan, and South Sound Bank of Olympia; and Sound Banking Co. of Lakewood.

Credit unions in the state likewise fielded a roster of five-star winners.

Institutions in the South Sound receiving the top credit union rating were: Alaska Airlines/Horizon Air of SeaTac; America’s Credit Union and Community 1st of Dupont; Evergreen Direct, Twinstar, WCLA, and Washington State Employees, from Olympia; Harborstone, IBEW 76 and Sound, from Tacoma; Mount Rainier Federal of Puyallup; Tacoma Longshoremen of Fife; Tacoma Narrows of Ruston; and White River from Enumclaw.

This story was originally published June 20, 2016 at 5:41 PM with the headline "Conditions continue to improve at state banks, credit unions."