NORWAY — Norway Savings Bank is pleased to announce that BauerFinancial, Inc., the nation’s premier bank rating firm, has awarded NSB with the “Best of Bauer” distinction, reserved solely for banks that have earned and maintained Bauer’s 5-Star Superior Rating for 25 years or longer. Norway Savings Bank has held the 5-Star Superior Rating for 140 consecutive quarters (35 years).
Bauer once again called Norway Savings Bank “one of the strongest banks in the nation” for excelling in many areas, including capital, loan quality, and profitability.
“Local decisions, responsive service, and dedication to making the community a better place to live, these are the hallmarks of community banks like Norway Savings Bank,” said Karen L. Dorway, president of BauerFinancial. “Understanding what the community needs and providing the financial support tailored to those needs is what community banking is all about. We at Bauer are never surprised, but always pleased, when community banks like Norway Savings Bank are at the top of their own financial game. 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 they 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.
“We’re inspired by our mission to contribute value as neighbors, offer support and growth opportunities to our team members, and deliver peace of mind to those who entrust their financial security to NSB,” said Dan Walsh, president and CEO of Norway Savings. “We’re deeply grateful and honored to receive this designation, and we’re driven to be worthy stewards of the trust that is placed in us by our customers and communities.”
