Michigan banks have made an impressive recovery since January 2011, according to quarterly data compiled by BauerFinanical Inc., a Florida-based ratings service.
As Tom Henderson from Crain's Detroit Business explained:
"Back then (in 2011), for the third straight quarter, there were eight banks in Southeast Michigan that got the lowest rating of zero stars, and there were 12 in the state. Today, there's not a single zero-star bank in the region or state. Of the 117 banks headquartered in the state, none received less than two stars on the five-star scale."
As far as the highest rating, the number of banks with five-stars has ballooned from two in 2011 to 39 today, including Ann Arbor State Bank, Dearborn Federal Savings Bank and the First Independence Bank of Detroit.
To find the current credit rating for your bank, check out BauerFinancial Inc.'s compiled data.
-Ari Sandberg, Michigan Radio Newsroom
