JUPITER, Florida (June 24, 2011) — Maxwell State Bank and California First National Bank earn Weiss Ratings’ highest financial strength rating of A+ (“Excellent”) following a review of first-quarter 2011 financial results by Weiss, the nation’s leading independent provider of bank, credit union and insurance company ratings. This makes these institutions two of only 17 banks and thrifts in the nation to earn this distinction. Weiss covers 7,528 banks and thrifts nationwide.
Maxwell State Bank, located in Maxwell, Iowa, northeast of Des Moines, with assets of $25.2 million reported return on assets of 2.31%, almost quadruple the industry average of 0.61%. Additionally, the institution had an above-industry-average Tier-1 capital ratio of 11%. The bank has no nonperforming loans.
California First National Bank located in Irvine, California, with assets of $371 million reported a profit of almost $1.7 million through March 31, 2011 and return on assets of 2.02%. The institution had an above-industry-average risk-based capital ratio of 22.95%. The bank has no nonperforming loans.
Weiss Ratings, the nation’s leading independent provider of bank, credit union and insurance company financial strength ratings, accepts no payments for its ratings from rated institutions. It also distributes independent investment ratings on the shares of thousands of publicly traded companies, mutual funds, closed-end funds and ETFs.