4 area banks up, 4 others down in quarterly ratings
Four area banks were downgraded and four were upgraded in the latest ratings from the BauerFinancial rating service, based on data for the quarter that ended March 31.
Downgraded from 5-star ("superior") to 4-star ("excellent") were:
— United Community Bank, with offices in Oakwood and Danville.
— State Bank of Cerro Gordo.
— Toledo-based First Neighbor Bank, with area offices in Mattoon, Charleston and Newman.
— Pana-based Peoples Bank & Trust, with an area office in Charleston.
Upgraded banks included:
— Longview State Bank, which was upgraded from 3-star ("adequate") to 31/2-star ("good"). The Sidney-based bank has branch offices in Villa Grove, Camargo and Newman.
— Federated Bank and State Bank of Chrisman, each of which was upgraded from 31/2-star ("good") to 4-star ("excellent"). Federated Bank has area offices in Onarga and Loda, while the State Bank of Chrisman has offices in Chrisman and Paris.
— Hardware State Bank in Lovington, which was upgraded from 4-star ("excellent") to 5-star ("superior").
While those eight banks received new ratings, the other 69 banks in East Central Illinois retained the ratings they had at the close of the previous quarter.
More than half of area banks received BauerFinancial's highest rating of 5-star. No area banks received the lowest rating — zero stars — and no area banks got 1-star ("troubled") or 2-star ("problematic") ratings.
Three area banks got 3-star ratings:
— CIBM Bank, which operates as Central Illinois Bank in Champaign, Urbana, Danville, Monticello, Bloomington and Peoria.
— Citizens State Bank of Milford, with offices in Milford and Crescent City.
— Dewey Bank, with offices in Dewey and Saybrook.
BauerFinancial bases its ratings on capital ratios, profitability trends, levels of delinquent loans, charge-offs and repossessed assets, liquidity, historical data and supervisory ratings by regulatory agencies.
BauerFinancial is one of several bank-rating services. It distinguishes itself from others by making its ratings accessible to the public.