FARMINGTON – Franklin County’s only locally-owned bank continues to rank as the Strongest Bank in Maine, according to rankings released recently by TheStreet.com, the nation’s leading independent provider of ratings and analyses of financial services companies, mutual funds and stocks.
Franklin Savings Bank is the only “A” rated bank in Maine and one of only two banks in all of New England to receive an “A” rating.
“This rating recognizes Franklin Savings Bank as an outstanding bank offering excellent financial stability for its customers, vendors and employees. Please know that fewer than 4 percent of the nation’s banks and thrifts meet TheStreet.com Ratings’ criteria for exceptional financial strength, making this distinction truly one (of which) to be proud,” according to a letter to Peter L. Judkins, the bank’s president and CEO, from Melissa A. Gannon, vice president of Insurance and Bank Ratings at TheStreet.com.
TheStreet.com evaluates the financial strength of more than 15,000 institutions, including insurers, banks and savings and loans, and tracks the risk-adjusted performance of more than 12,000 mutual funds and 6,000 stocks. According to Gannon, TheStreet.com’s ratings use more rigorous standards than other rating agencies and a proprietary model that places greater emphasis on a company’s future financial solvency and its ability to withstand severe economic adversity.
“A company receiving our highest financial strength rating truly demonstrates itself to be among the industry’s elite,” she wrote.
“These are clearly challenging times for the financial industry. We take nothing for granted. We follow conservative, tried and true banking practices and it is gratifying to see our efforts affirmed by TheStreet.com,” said Judkins. “In times like this, many companies drop the gimmicks and go back to the basics. We’ve never left. We have always believed the strength of our company lies in our employees, our customers and our Western Maine communities.”
Franklin Savings Bank also ranks high with other organizations. It has earned a 5-Star “Superior” rating from BankRate.com and the top 5-Star rating from BauerFinancial.com. All three of the reports are available to the public online. Other information about financial institutions in Maine and the nation are available at the FDIC.gov.
Franklin Savings Bank celebrated its 140th anniversary last year. The community bank has $308 million in assets, eight locations, including Western Mountain Financial Services, and about 130 employees.
