Contact us at firstname.lastname@example.org for more information.The editors of BestCashCow today release the site's list of the five safest banks in each of the 50 States in the country. We’ve compiled the list based on the financial information as of 9/30/2017, the most current information available.
(Please note that Hawaii, Idaho, Nevada, New Hampshire, Oregon, Rhode Island and Vermont each have fewer than 20 registered banks, we have limited our recognition in those States to the two strongest. There are so few registered banks in the District of Columbia that we have not included it in this study).
The list is for informational purposes only. It is not intended to be an endorsement of any bank on the list, or to recommend a deposit or a lending product of one of the banks or any one of the credit union listed. Likewise, no negative inference should be made regarding any bank's omission from the list.
You can see the full list of banks in your State at the bottom of this page.
You can see the full list of credit unions in your State here.
All credit analysts have their own ways to determine and measure the health of a financial institution. For purposes of this exercise, BestCashCow has chosen to rely on two distinct measures designed to zero in on the safety aspect, as opposed to profitability.
Our first measure is the Texas Ratio. The Texas Ratio compares the outstanding volume of non-performing assets and loans at risk with the amount a bank has on hand to cover any losses (tangible capital equity plus loss reserves). A bank with a ratio that approaches 1-to-1 or 100% is considered to be at risk. Fortunately, the average Texas ratio among US banks stood at 8.32% as of September 30, 2017. We’re looked for banks that are still safer than the average. Therefore, in determining the safest banks in each State in the US, half of our determination is based on how much lower the bank’s Texas ratio is from the average.
You can see the Texas ratio of any bank by going that bank’s bank page and clicking on the “Financial Details” tab.
Our second measure is capitalization. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered. The average capitalization ratio among US banks as of September 30, 2017 was 12.21%. Half of our determination is based on how each bank measures in comparison to that average.
You can also see any bank’s capitalization on the Financial Details tab on their BestCashCow bank page.
For purposes of determining how safe a bank is, we have purposefully refrained from using any determination of size or profitability of any bank. This list does not have a minimum or a maximum size. We have not looked at return on equity or at any sort of balance sheet analysis. A shareholder or an investor would be more concerned with these indicators and should not draw any conclusions from a bank’s inclusion – or exclusion - herein.
The Complete List
Alabama - First Progressive Bank, The Citizens Bank of Winfield, BankSouth, The Farmers and Merchants Bank, Valley State Bank
Alaska - Mt. McKinley Bank, First National Bank of Alaska, First Bank, Denali State Bank, Northrim Bank
Arizona - Republic Bank of Arizona, West Valley National Bank, Pinnacle Bank, Western Alliance Bank, BCN National Bank
Arkansas - The First National Bank of Izard County, De Witt Bank and Trust Company, Logan County Bank, First Security Bank, First Arkansas Bank and Trust
California - Rancho Santa Fe Thrift and Loan Association, California Pacific Bank, First Credit Bank, Community Commerce Bank, EverTrust Bank
Colorado - 5Star Bank, First Colorado National Bank, The Farmers State Bank of Brush, Firzt Pioneer National Bank, City Banks
Connecticut - Stafford Savings Bank, The Torrington Savings Bank, Liberty Bank, Darier Rowayton Bank, Essex Savings Bank
Delaware - BNY Mellon Trust of Delaware, Chase Bank, Wilmington Trust, Santander Bank, Applied Bank
Florida - Grove Bank & Trust, TotalBank, Peoples Bank of Graceville, Fidelity Bank of Florida, Florida Business Bank
Georgia - West Central Georgia Bank, Elberton Federal Savings and Loans, Newton Federal Bank, American Pride Bank, The First National Bank of Waynesboro
Hawaii - First Hawaiian Bank, Ohana Pacific Bank
Idaho - Idaho Trust Bank, Farmers Bank
Illinois - Collinsville Building and Loan Association, The Poplar Grove State Bank, Reynolds State Bank, Streator Home Savings Bank, Liberty Bank for Savings
Indiana - Peoples Savings and Loan Association of Monticello Indiana, The Morris Plan Company of Terre Haute, Farmers and Mechanics Federal Savings Bank, Peoples Trust and Savings Bank, First State Bank of Porter
Iowa - Pocahontas State Bank, Citizens State Bank, First State Bank of Colfax, American Savings Bank, Farmers Trust & Savings Bank
Kansas - Farmers and Drovers Bank, FNB Washington, CBW Bank, The First National Bank of Dighton, Home Savings Bank
Kentucky - Jackson County Bank, First Federal Savings and Loan Association, Blue Grass Savings and Loan Association, Kentucky Farmers Bank Corporation, Dixon Bank
Louisiana - Union Savings and Loan Association, Rayne Building and Loan Association, First National Bank on Benton, Bank of Gueydan, Fifth District Savings Bank
Maine - Franklin Savings Bank, Norway Savings Bank, Kennebec Savings Bank, Bath Savings Institution, Sanford Institution for Savings
Maryland - Homewood Federal Savings Bank, Calvin B. Taylor Banking Company of Berlin, Maryland, EagleBank, The Columbia Bank, Rosedale Federal Savings and Loan Association
Massachusetts - Cape Ann Savings Bank, Walpole Co-operative Bank, Canton Co-operative Bank, North Cambridge, MutualOne Bank
Michigan - Dearborn Federal Savings Bank, First State Bank of Decatur, Eaton Federal Savings Bank, The Port Austin State Bank, Freeland State Bank
Minnesota - The First National Bank of Fairfax, The First National Bank of McIntosh, State Bank of Wheaton, Marshall County State Bank, The Wanda State Bank
Mississippi - First Federal Savings and Loan Association. The Jefferson Bank, Resonant Bank, First National Bank of Clarksdale. First State Bank
Missouri - Central Federal Savings and Loan Association of Rolla, Mississippi County Savings and Loan Association, The Mercantile Bank of Louisiana, Missouri, West Plains Savings and Loan Association, Central Bank of Kansas City
Montana - The First State Bank of Shelby, The Yellowstone Bank, Pioneer Federal Savings and Loan Association, 1st Bank, Three Rivers Bank of Montana
Nebraska - Chambers State Bank, Bank of Lewellen, The First National Bank of Johnson, Adams State Bank, Minden Exchange Bank & Trust Company
Nevada - Charles Schwab Signature Bank, Toyota Financial Savings Bank
New Hampshire - Piscataqua Savings Bank, Salem Co-operative Bank
New Jersey - Somerset Savings Bank, Sun National Bank, KEB Hana Bank USA, Roselle Savings Bank, Kearny Bank
New Mexico - Western Heritage Bank, First New Mexico Bank, Las Cruces, The Citizens Bank of Clovis, Lea County State Bank, Valley Bank of Commerce
New York - First Federal Savings of Middletown, Fulton Savings Bank, Maspeth Federal Savings and Loan Association, Mizuho Bank (USA), Bank of Utica
North Carolina - Piedmont Federal Savings Bank, Roanoke Valley Savings Bank, First Savings and Loan Association, Belmont Federal Savings and Loan Association, Morganton Savings Bank
North Dakota – Ramsey National Bank, Farmers and Merchants State Bank, Horizon Financial Bank, Unison Bank, Security State Bank, Wishek, North Dakota
Ohio - First bank of Ohio, Spring Valley Bank, FDS Bank, The Home Savings and Loan Company of Kenton, Ohio, Valley Central Bank
Oklahoma - Walters Bank and Trust Company, The First Farmers National Bank of Waurika, First State Bank in Temple, Payne County Bank, Washita Valley Bank
Oregon - Umpqua Bank, First Federal Savings and Loan Association of McMinnville
Pennsylvania - Westmoreland Federal Savings and Loan Association, Milton Savings Bank, Liverpool Community Bank, United Savings Bank, BNY Mellon
Rhode Island - Centreville Bank, Citizens Bank
South Carolina - Mutual Savings Bank, Woodruff Federal Savings and Loan Association, First Piedmont Federal Savings and Loan Association of Gaffney, Spratt Savings and Loan Association, Citizens Building and Loan
South Dakota - Richland State Bank, First National Bank, Community Bank, 1st First PREMIER Bank, Financial Bank USA
Tennessee - Elizabethton Federal Savings Bank, Bank of Gleason, Highland Federal Savings and Loan Association, Pinnacle Bank, Citizens Bank
Texas - Oakwood Bank, Brazos National Bank, Citizens 1st Bank, The First National Bank of Aspermont, Citizens National Bank of Crosbyton
Virginia - E*TRADE Savings Bank, United Bank, Old Dominion National Bank, Powell Valley National Bank, Citizens National Bank
Vermont - Northfield Savings Bank, Wells River Savings Bank
Washington State - Yakima Federal Savings and Loan Association, Olympia Federal Savings and Loan Association, SAVIBANK, UniBank, Commencement Bank
Wisconsin - Bank of Alma, The First National Bank of Bangor, Time Federal Savings Bank, WaterStone Bank, Bonduel State Bank
West Virginia - First Peoples Bank, Citizens Bank of Morgantown, Hancock County Savings Bank, The Bank of Monroe, Huntington Federal Savings Bank
Wyoming - Bank of Commerce, First State Bank of Newcastle, Wyoming Bank and Trust, Security State Bank, RSNB Bank
Does It Matter?
2018 marks the 10th anniversary of the beginning of the most significant financial crisis that the US has experienced in the last 85 years. BestCashCow therefore feels that banks should strive to be not just financially stable, but to be the safest in their state in order to avoid a crisis of anything like the magnitude of the one that we experienced a decade ago.
This list however should be inconsequential for depositors who follow BestCashCow’s advice to remain below FDIC limits for bank deposits (and NCUA insurance for credit union deposits). Learn more about FDIC insurance here.
If you have assets on hand exceeding applicable FDIC limits, you should open multiple accounts in order to stay below limits in any one account. Those who are extremely high net worth should consider a service such as CDARS.
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