Iowa banks, credit unions end 2013 healthier

Corridor banks were ranked three stars or higher by BauerFinancial

George Ford
Published: March 18 2014 | 1:30 pm - Updated: 1 April 2014 | 9:47 am in

Iowa's banks and credit unions ended last year with noticeable improvement from the previous year , according to BauerFinancial, a Coral Gables, Fla., financial institution rating firm.

A total of 88.8 percent of Iowa banks were recommended by BauerFinancial on Dec. 31 and 1.5 percent were considered problematic or troubled. That compares favorably with the 86.9 percent that were recommended on Dec. 31, 2012, and 2.4 percent that were considered problematic or troubled.

Two banks -- State Central of Bonaparte and Valley Bank of Moline, Ill., in the Quad Cities received a "zero" stars rating, the lowest BauerFinancial rating. American Bank & Trust of Davenport, First Bank of West Des Moines and Patriot Bank of Brooklyn received a single star or "troubled" rating.

Corridor banks were ranked three stars (adequate) or higher at the end of 2013 by BauerFinancial.

Iowa's credit unions ended 2013 with 86.1 percent recommended by BauerFinancial and 1.7 percent rated problematic or troubled. That compares with the 81 percent that were recommended on Dec. 31, 2012, and 0.8 percent that were considered problematic or troubled.

Three I Credit Union in Burlington received a single star or "troubled" rating for its financial condition on Dec. 31, 2013. First Federal Credit Union of Hiawatha received a two star rating, up from a single star or "troubled" rating on Dec. 31, 2012.

Nationally, banks rated five stars or four stars (recommended by BauerFinancial) represent 73 percent of the entire industry while 76.5 percent of credit unions are rated five stars or four stars.

At the other end of the spectrum, the number of banks and credit unions rated two stars or below (troubled or problematic) represent 7 percent of all banks and 3.3 percent of credit unions.

 

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