Foxboro bank makes list of safest banks

August 6, 2012 by  

A report by MSN Money has revealed the 359 banks in America considered to be the safest and Foxboro Federal Savings bank is among them. Only eight banks in Massachusetts were included in the list of safest banks. The report was published on July 13, using the Texas Ratio to calculate which of America’s banks are safest.

The Texas Ratio system was used during the recession of the 1980, and again in the 1990s, to predict which banks in Texas were likely to fail. According to the system used, the nearer to zero a bank’s score is, the safer the bank is likely to be, with a lower risk of failure. Across the US, 7,300 banks were scored using the system with only 359 banks being scored at a ratio of 0.0, including Foxboro Federal Savings. It is highly likely that the bank will promote this fact in their literature, making use of local stationery printing services.

According to Dennis Parente, the director of Foxboro Federal Savings bank, all the staff, officers and directors are said to be:

“Very happy and honored to receive this distinction.”

Parente also stated that new business has resulted from the distinction, with a new customer citing the positive result as a reason for opening an account. The bank has also received merits from Bauer, with 5 stars being awarded, and superior ratings with Bankrate. The staff at the bank has been credited with the success as Parente believes its efforts have led to the success of the bank.