A Toledo area bank and a credit union improved their financial profiles and as a result raised their financial rating in the third quarter compared to the previous quarter.
Genoa Banking Co. of Genoa and Champion Credit Union of Toledo received five-star “Superior” ratings in the latest quarterly ratings supplied by BauerFinancial Inc., of Coral Gables, Fla., a leading financial institution research firm that rates banks and credit unions from one to five stars based on the stability of their financial profiles. In the second quarter both institutions received 4 stars.
In southeast Michigan, the Monroe County Community Credit Union’s rating rose to four-star “Excellent” from three stars in the previous quarter. No other southeast Michigan financial institution showed a ratings gain.
No northwest Ohio or southeast Michigan financial institutions received ratings decreases in the third quarter.
In southeast Michigan, just one bank, Blissfield State Bank, of Blissfield, and two credit unions, Education Plus in Monroe and TLC Community in Adrian, received five-star ratings from BauerFinancial.
A total of 11 banks and 28 credit unions in northwest Ohio also received five-star ratings.
In metro Toledo, that included Signature Bank and Waterford Bank.
It also included 19 credit unions: A.P. Federal, Bay Area, Champion, ESCU Federal, Eight Federal, Glass City, Great Lakes, Libbey Federal, Maumee Educators Federal, Mercy Health Partners Federal, Parish Federal, ProMedica Federal, Sylvania Area Federal, Toledo Fire Fighters Federal, Toledo Police Federal, Toledo Postal Employees, TPS, United Services Federal, and University of Toledo Feder-al.
Bank of Maumee remained the area institution with the poorest rating, a one-star “Troubled” designation. It had hoped to raised its rating in the third quarter.
Bank of Maumee had been operating under a federal supervisory agreement with the Office of the Comptroller of the Currency that instructed bank officials to improve the institution’s financial position. The bank’s difficulties stem from its required participation in loans made by its majority shareholder, Capitol Bancorp of Lansing, which owns 51 percent of Bank of Maumee.
A Toledo credit union and a Michigan bank continued to have difficulties, according to the BauerFinancial ratings.
Toledo Teamsters Federal Credit Union and Monroe Bank and Trust retained their two-star “problematic” ratings in the latest data. Both institutions have struggled for several quarters.
Contact Jon Chavez at: email@example.com or 419-724-6128.