Seven banks and four credit unions in Massachusetts are considered some of the healthiest financial institutions in the country, according to DepositAccounts.com’s recent tally of the nation’s 200 healthiest banks and credit unions.
The banks in Massachusetts that made the list were Northmark Bank (24), Leader Bank (55), Melrose Bank (108), Millbury Savings Bank (113), Eastern Bank (127), Rollstone Bank & Trust (153), Newburyport Five Cents Savings Bank (187) and Lowell Five Cent Savings Bank (191).
The credit union list consisted of Greater Springfield Credit Union (68), Rockland Federal Credit Union (70), Boston Firefighters Credit Union (73) and Quincy Credit Union (122).
DepositAccounts.com evaluates the financial health of over 11,000 banks and credit unions in the U.S. once per quarter and has been tracking healthy institutions since 2010. To determine bank ranking and recognition, DepositAccounts.com grades each institution on a number of factors including capitalization, deposit growth and loan-to-reserve ratios.
“We believe it is important to give consumers a way to evaluate the financial health of their institutions,” Ken Tumin, founder of DepositAccounts.com, said in a statement. “Our list empowers consumers to make informed decisions when selecting a financial institution.”
This article has been updated to include Millbury Savings Bank in the rankings of the nation’s healthiest banks.
