Don't believe all the doom and gloom, folks!
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.
Please see our post today via BlogChicagoHomes.com.
DEAN & DEAN'S TEAM CHICAGO
There are many positive. Maine's credit unions it was reported are in great shape and in the top five in the country. Some banks were more conservative and some buyers bought within their means and saved money for a slower economy. Good post!