ATHOL — Athol Savings Bank has once again earned the Blue Ribbon Designation Award from Veribanc Inc., the highest safety and soundness rating a bank may earn in the eight-level rating system.
The bank has earned a rating of Green with Three Stars based on fourth quarter 2017 data released by the Federal Reserve Board.
“Athol Savings Bank is pleased to accept Veribanc’s Green 3 Star rating,” said Daniel J. Zona, president. “This designation is a testament to the Bank’s overall philosophy and focus on safety and soundness that has served us well for 150 years.”
Athol Savings Bank received this top rating based on recent financial data. It has also been awarded the special recognition of “Blue Ribbon Bank,” reserved for those highly-rated institutions that demonstrate exceptional attention to safety, soundness and financial strength. The Blue Ribbon Bank award is the oldest national accolade presented to banks by private sector analysts.
The award is based on Athol Savings Bank’s strong performance for the quarter that ended Dec. 31, 2017. This is the 36th consecutive quarter that Athol Savings Bank has been awarded a “Blue Ribbon.” It is based on more than 20 tests of an institution’s financial strength. Among the areas considered are its balance sheet, income statement, loan portfolio, compliance with federal capital requirements and off-balance sheet exposure.
In highlighting Athol Savings Bank’s current financial strength, Veribanc noted that according to the manner in which government supervisory authorities measure capital, the bank exceeds regulatory requirements for the designation of “Well Capitalized” by more than 2.5 times the industry standard.
This degree of capitalization ranks Athol Savings Bank in the top 20 percent of the banking industry nationwide. The bank’s assets are of particularly high quality, backed by loan loss reserves well in excess of their reported problem assets. In addition, Athol Savings Bank maintains a liquidity position that exceeds 31 percent of deposits. Equity as a percentage of assets is over 13 percent and represents a significant cushion for unexpected problems.
Athol Savings Bank, founded in 1867, is a mutually owned institution, which serves customers from its eight branches operating in Athol (3), Ashburnham, Baldwinville, Barre, Gardner and Winchendon. Athol Savings Bank is a member of the Federal Deposit Insurance Corporation where each depositor is insured to at least $250,000. All deposits above the FDIC limits are insured in full by the Depositors Insurance Fund. The Bank is an Equal Housing Lender.