A total of 45 Mississippi banks and saving and loans garnered five-star ratings from Bauer Financial Services in the third quarter.
Of Mississippi’s largest banks, the $20 billion Hancock Bank of Gulfport was the only one to receive five stars, though Jackson’s Trustmark and Tupelo’s Renasant performed well enough to gain four stars each. BancorpSouth, the state’s second largest bank behind Hancock at $12.9 billion, received three-and-a-half stars from the Coral Gables, Fla., ratings agency.
Birmingham’s $6.2 billion Cadence Bank, formerly headquartered in Starkville, won five stars in the Q3 ratings. Regions, another Birmingham bank with a significant presence in Mississippi, earned three-and-a-half stars.
Five stars denote an “Excellent” rating and four stars a “Superior” rating. Both ratings land an institution on Bauer’s recommended report.
Three-and-a-half-stars, a designation reserved for banks only, denote “Good” and three stars “Adequate.”
Only Mississippi bank – Omni Bank of Bay Springs – fell into the two-star “Problematic” ranking. Huntsville, Ala.’s South Bank, which has several Mississippi locations, also received two stars.
Mississippi had no one-star banks.
The large number of star rankings reflects a strong third quarter for Mississippi’s banks and savings & loans. Last week, the FDIC reported that all of the state’s 86 FDIC-insured institutions turned a profit in the quarter. As recently as the third quarter of 2011, 8.9 percent of Mississippi’s FDIC-insured institutions lost money.
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