NORTH PALM BEACH, Fla. (1/4/12)--More credit unions received the highest possible five-star ratings in Bankrate's latest Safe & Sound Star Ratings for third quarter.
The improvement is likely the result of the the influx of new members to credit unions as a result of Bank Transfer Day, according to Bankrate.com (Jan. 3).
Banks and thrifts also showed improvement overall, but fewer received the five-star rating, according to Greg McBride, Bankrate senior financial analyst.
In the third-quarter Safe & Sound ratings, credit unions showed their net improvement by gravitating within the four- and five-star bands--the two highest on the rating scale, McBride said.
Commercial bank and thrifts consolidated in the middle of the scoring band, with fewer institutions rating five stars.
The ratings take into account the performance of a financial institution's assets, its profitability, liquidity and other factors.