NORWAY — BauerFinancial, Inc., the nation’s premier bank rating firm, is pleased to announce that Norway Savings Bank has earned the “Best of Bauer” distinction, reserved solely for banks that have earned and maintained Bauer’s 5-Star Rating for 25 years or longer. Norway Savings Bank has held the 5-Star Rating for 136 consecutive quarters (34 years), with the latest rating assigned in January 2024. According to Bauer, the longevity and dependability of the Bank make it ‘one of the strongest banks in the nation.’
‘Bauer rates banks based on their overall financial condition,’ said Karen Dorway, president of the rating firm. ‘Bauer does not rate based on how much a bank gives back to its community, but sometimes I wish we could. The employees of community banks, like Norway Savings Bank, feel a responsibility to help their community grow and thrive. It gives me great pleasure to acknowledge that a bank that measures its success by the success of its neighbors and friends, does so from such a solid financial foundation.’
Bauer has been analyzing and reporting on the financial condition of the nation’s banking industry since 1983. No institution pays for its rating, nor can it avoid a rating. Each bank and credit union is required to file a detailed financial report with federal regulators four times a year. The quarterly data is subjected to a thorough analysis and is compared with historical data by Bauer for consistency. Upon completion of the analysis, a star rating is assigned based on a scale of zero to five stars with five stars being the strongest.
‘Bauer has been doing this for a long time and is highly respected in the banking industry, so we are honored to receive this designation. It further affirms what we know to be true: understanding our customers and building relationships in our communities are the keys to making solid investments that make a meaningful impact for those we serve,’ said Dan Walsh, President and CEO of Norway Savings Bank.
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