Two local banks increased their ranking in the latest star ratings report from the independent ratings institution Bauer Financial.
The most recent ratings are based on financial data from June 30 and are compared to the institution’s previous report based on data from March 31.
Bauer rates banks by awarding between one and five stars based on criteria that include capital ratio, profit/loss trends and delinquent loans.
All financial institutions rated by Bauer are deemed safe and meet minimum oversight requirements.
For the purposes of the ranking, four stars = excellent; three and a half stars = good; three stars = adequate; two stars = problematic; and one star = poor.
The Bank at Broadmoor and Firstbank of El Paso County added a star to their ratings to receive the highest ranking possible.
They join four other banks that also received five stars.
No credit unions increased their rankings, however, five local institutions maintained five-star rankings.
One credit union dropped from three starts to two, for a ranking that translates to problematic, according to Bauer.
Credit Unions that receive an “N.R.” ranking are not rated because the have less than $1.5 million in assets or are not insured by the National Credit Union Administration.
|Banks and thrifts||March 31||June 30|
|5 Star Bank||*****||*****|
|Bank at Broadmoor||****||*****|
|Cheyenne Mtn. Bank||***½||***½|
|Co. National Bank||*****||*****|
|Firstbank of El Paso County||****||*****|
|Firstbank of Colorado Springs||***½||***½|
|Peoples National Bank of Colorado||***||***|
|Peoples National Bank of Monument||***½||***½|
|Pikes Peak National Bank||*****||*****|
|Colorado Springs Credit Union||****||****|
|Fitters local 58||***||HH|
|Harrison School District C.U.||*****||*****|
|Independent Group C.U.||*****||*****|
|Pikes Peak C.U.||****||****|
|School Dist. 3||*****||*****|
Women still trail men in retirement savings
Men still outpace women when it comes to saving for retirement, according to as survey by the American Association of Retired Persons.
More than 65 percent of men are saving for retirement, compared to 59 percent of women, according to the survey.
However, the survey uncovered that the differences may be because men and women have different retirement goals.
Men seek to be well off when they retire, and women hope for an adequate retirement.
AARP research officials said an adequate retirement may be the best women can hope for because women have historically earned less than men.
In addition, the survey found that 45 percent of women are offered a retirement plan at work, compared to 57 percent of men.
Still, fewer Americans are worrying about funding their retirement, according to a separate AARP poll.
A third of U.S. workers, both men and women, said they worried about having enough money for retirement. That number is down from 43 percent 10 years ago.
Profits, personal incomes drive up state tax revenues
The average state government’s tax revenue rose during the second quarter at the fastest pace since 1991, according to a report from the Nelson A. Rockefeller Institute of Government.
The report noted a 13.3 percent increase in average state tax revenue to reach a total of $162.2 billion
The increase is due in part to rising corporate profits and personal incomes, according to the report.
The top five percentage increases were in Alaska, 42.9 percent; Vermont, 31 percent; New Jersey, 28.3 percent; North Carolina, 27.7 percent; and West Virginia, 25.3 percent.
A survey of state collections in April found that final personal income tax payments with returns increased 29.3 percent from the same time last year.
The report also noted that personal income tax payments with returns were up 29.3 percent and that national employment growth was 1.6 percent in the quarter with the strongest growth in the western and southern regions.
Rob Larimer covers banking and finance for the Colorado Springs Business Journal.