Bank of Fairfield makes ‘safest list’

The Bank of Fairfield was named one of “359 Safest Banks in America” in an MSN Money Report July 13.

The list included five other Connecticut banks: Fieldpoint Private Bank & Trust in Greenwich, MassMutual Trust in Enfield, National Iron Bank in Salisbury, Prudential Bank & Trust in Hartford and Start Community Bank in New Haven.

The institutions on the list boast perfect scores, using a traditional method developed to diagnose failing banks and those least likely to fail. The method is called the “Texas ratio,” a formula developed by RBC Capital Markets banking analyst Gerard Cassidy during the 1980 recession, and it is still widely used throughout the banking industry to predict bank failures and those banks that are the furthest from failure. The formula takes into account two factors in a bank’s health: The number of bad loans it has made and the cushion management has provided to cover those bad loans.

The Bank of Fairfield is a locally managed commercial bank with branches at 2150 Post Road and 2248 Black Rock Turnpike. Information is available at 203-659-7600 or thebankoffairfield.com.

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