Here are America's best and worst banks
Prosperity Bancshares of Texas leads the way as the best-run financial institution in the country.
There were only 24 bank failures in 2013 versus 51 last year. Failures peaked at 157 in 2010. The FDIC's "Problem List" of banks shrank to 515 from 694 a year ago (it was 888 in March 2011).
The data is based on regulatory filings through the third quarter of 2013. SNL provides the data, but the rankings are done by Forbes.
Citigroup (C) is tops among the Big Four and ranks No. 39 overall, up three spots from last year. The $1.9 trillion bank was hammered during the 2008 financial crisis and was bailed out by $45 billion in federal aid in exchange for preferred shares in the company. But the government ended its ownership of the bank in 2010 and Citigroup has cut its ratio of nonperforming assets to total assets to just 0.7%.
Citigroup’s risk-based capital ratio of 16.7% ranks in the top quartile of big banks, as does its 8.1% leverage ratio. Citigroup’s stock has doubled over the past two years, although sales growth remains elusive at -0.5% the last 12 months.
The bank settled with the Justice Department for $13 billion last month for its role in the credit and mortgage crisis, bringing total settlements by the six largest banks to $86 billion since 2010, according to SNL. The settlements are not done yet, with Reuters reporting that the Justice Department plans to file civil fraud charges against Citigroup and Bank of America's Merrill Lynch unit for selling "flawed" mortgage securities.
The bank I use here is Peoples United and was ranked one of the worst. The people in the banks are super but I question management. Wish they had never bought Chittenden as I liked things the way they were before the takeover as do their employees at every branch I have been to in Vermont.
On the flip side, Trustco Bank is not to be seen on the list as are many other regional and local banks. Trustco never got caught up in the real estate mortgage problems except as a victim of the big players. They only do solid loans to qualified customers because they do not spin off the mortgages to a 3rd party. Other banks operate this way as well and they suffered due to the greedy slime balls on Wall Street.
Anyone wanting a bank or considering switching? Please consider a local or regional bank instead of the big boys. We will all be better off for it!
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The solid report comes a month after the retailer closed all of its Canadian operations.
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