PALM BEACH GARDENS, Fla., May 15, 2023 /PRNewswire/ -- Weiss Ratings, the nation's only independent ratings agency that regularly evaluates the relative safety of U.S. banks and credit unions, has warned that 4,243 could be vulnerable to failure.
Among them, 1,210 institutions (or 12.8%) got a red warning flag, signaling risk of imminent failure, while 3,043 received a yellow warning flag, indicating risk of failure in a financial crisis or recession. In sum, 45% of all banks and credit unions were deemed vulnerable.
Dallas Brown, Weiss Ratings CCO, says, "The underlying financial weaknesses in the U.S. banking industry are widespread, and the FDIC's newly expanded guarantee of all deposits does nothing to protect shareholders in bank holding companies, who could still lose most or all of their money. Moreover, if the U.S. Treasury cannot even pay its own bills, it could be hard-pressed to cover the expanded liabilities of the FDIC."
Since 2008, among the 539 banks that have failed, Weiss Ratings has provided advance warning on 535, or 99.3%.
To check the current Weiss rating of their bank or credit union, depositors and investors can go to https://weissratings.com/en/banking.
About Weiss Ratings: The U.S. Government Accountability Office (GAO) reported that the Weiss safety ratings of U.S. life and health insurers outperformed those of A.M. Best by three to one in warning of future financial difficulties, while also greatly outperforming those of Moody's and Standard & Poor's. The New York Times reported that Weiss "was the first to warn of the dangers, and say so unambiguously." Barron's called Weiss Ratings "The leader in identifying vulnerable companies."
In total, Weiss covers 53,000 institutions and investments, including safety ratings on banks, credit unions, and insurers, as well as investment ratings on stocks, ETFs, mutual funds and cryptocurrencies. Since its founding in 1971, Weiss Ratings has never accepted any form of payment from rated entities for its research or ratings
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