Most Tucson area banks and credit unions maintained their 5-star “superior” or 4-star “excellent” ratings, bank-rater Bauer Financial says.
David Wichner Banks and credit unions in Tucson and Southern Arizona maintained their financial strength in the second quarter, though a rise in consumer loan delinquencies nationwide is causing concern, according to the latest bank ratings from Bauer Financial.
“It appears that consumers may have reached the tipping point between leveraging untapped value in their homes while rates were low and managing debt to income ratios as rates rise,” said Karen Dorway, president of Bauer Financial.Tucson-based Canyon Community Bank rose to 4 stars from a 3-½ star “good” rating after posting a $203,000 profit in the second quarter.
Commerce also was under a regulatory order to raise capital a few years ago and had a “zero” Bauer rating in 2016, but the order was lifted in 2017 after the bank raised $13 million in new capital from local investors. The bank now operating as First Interstate had operated branches in Montana and Wyoming under a franchise agreement with the former First Interstate Bank in the 1980s, then licensed the name and logo after the Wells Fargo acquisition.
While PNC’s name is relatively new around Tucson, BBVA USA was formerly BBVA Compass and was previously owned by Compass Bancshares, which entered the Arizona market in 1998 with its acquisition of Arizona Bank. BBVA acquired Compass in 2007. “PNC really liked the business we had in Tucson, and so we’re looking to grow the business and not detract,” Mistler said.
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