Barnes Banking Co., celebrating its 100th year of business in Davis County this year, has been honoredby two out-of-state organizations.
Veribanc, based in Massachusetts, has awarded Barnes a Blue Ribbon rating that places Barnes in the top 10 percent of 13,305 banks in the United States.Veribanc uses a color coding system to rate a bank based on how much money stockholders have in the bank compared with total assets and how much the money is earning or losing.
Also, Bauer Financial Reports Inc., a Florida research firm, has awarded Barnes its five-star rating. The award is based on a zero to five-star rating and is compiled from data filed with the Federal Reserve Bank for the quarter ended March 31.
The five-star rating, for the nation's safest banks, indicates the bank's tangible capital exceeds 9 percent of tangible assets - Barnes' assets exceed 14 percent - that there are no excessive delinquencies or repossessed assets, and that the bank is profitable.