In this post Indymac environment. Keeping an eye on how solid your bank is makes sense. More bank closures are expected to follow. I found a great reporting site to grade our local banks at www.bankrate.com The ratings include smaller community banks as well as local credit unions. Here is a peek at how our local banks stack up in Reno.
Bank Bank Rate Rating Safe&Sound CAEL Rating
Heritage Bank **** 2
Nevada Security Bank *** 3
First National Bank of Nevada * 5
First Independent Bank of Nevada **** 2
The link for more information is:
Bankrate.com evaluates the financial condition of institutions and assigns a 1-to-5 rating with five stars representing the highest rating. Institutions with satisfactory performance will generally receive a rating of three or better stars with the majority of banks falling into the three- to four-star range. An institution with an "NR" rating may be too new to rate. The "NR" is not any indication of financial strength or weakness. The Safe & Sound Rating is believed to be reliable but the information is not guaranteed. In addition, events since the information was collected may have altered an institution's financial condition.
Check it out!