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AUGUSTA — Kennebec Savings Bank has received a five-star rating from BauerFinancial, the nation’s leading independent bank rating, for the 109th consecutive quarter, President and CEO Andrew Silsby announced.
The rating is based on 2016 fourth-quarter performance and represents more than 28 years of five-star rating from BauerFinancial, which said in a news release that only 4.2 percent of the nation’s banks have continuously achieved the rating for more than 27 years.
“We’ve always known that Kennebec Savings Bank is a safe and sound place for our customers to do their banking,” said Silsby in a news release. “This confirmation, from a nationally-recognized and respected independent rating firm, gives us all an added degree of confidence in the service we provide.”
Under the rating system,the five-star superior rating means that Kennebec Savings Bank is on BauerFinancial’s Recommended Report. According to Karen L. Dorway, president of BauerFinancial, “Kennebec Savings Bank, like all institutions receiving a superior rating, is financially sound and operating well above its regulatory capital requirements.”
Established in 1983, BauerFinancial Inc. analyzes and reports on the financial condition of the nation’s banks and credit unions. Each bank and credit union is required to file a detailed financial report with its government regulators.
BauerFinancial obtains the raw data from the federal government and analyzes it completely and independently, supplementing it with additional research and historical data. Upon completion of the analysis, assignment of a star-rating takes place.
Star-ratings range from zero-stars to five-stars with five-stars being the highest. Banks and Credit Unions do not pay for this service, nor do they have the option of not being rated. All banks and credit unions are rated by Bauer, according to the release.
The five-star rating system, which BauerFinancial introduced in 1988, is recognized nationally as “the bank rating system.” Bauer provides these ratings free through it’s website as a consumer service.
Kennebec Savings Bank employs 120 and and has offices in Augusta, Waterville, Winthrop and Farmingdale.
