Troubled banks in Michigan double
July 6, 2009
By MoneyAisle
An article in the Detroit News reports that in the first quarter of the year, the number of banks that are considered “significantly troubled” doubled in the state of Michigan.
“The ratings firm, BauerFinancial, ranks banks and credit unions from five to zero stars, with five stars representing a ‘superior’ institution and one-star banks classified as ‘troubled’. Five Michigan-based banks had zero stars at the end of 2008, with another five added.”
The banks that scored low ratings suffer from such problems as significant amounts of nonperforming assets.