News
Bank earns recognition
Scott Wagar
08/21/2012
Through a recent national research study one bank in Bottineau County has been determined to be one of the safest banks in the state of North Dakota.
This past week, Street Authority, a financial research and publishing company, named the Peoples State Bank in Westhope as one of the safest banks in North Dakota.
Sara Glakas conducted the research study on the nation’s safest banks for Street Authority using a metric called the Texas Ratio, which uses a formula created by Gerard Cassidy, a financial genius who developed the formula and predicted bank failures in Texas during its recession in the 1980s, and then again in New England in the 1990s when that part of the nation was in a recession.
Cassidy’s formula analyses banks’ non-performing assets and its loan—loss reserves to determine which banks across the United States are the safest and which ones are not. Through the formula, the closer the ratio is near zero, the lower the chance banks will fail.
For Robert Sharkey, president of the Peoples State Bank in Westhope, he is please and humble by seeing the bank make Street Authority’s list.
“We are happy to be on the list and it’s a credit to our customers and employees,” Sharkey said. “Being on the list is great, but banks all over North Dakota are in terrific shape, and bankers from all over North Dakota are doing a great job, not just the banks on the list.”
Along with the Peoples State Bank in Westhope, Glakas named 12 other banks in North Dakota which are the safest in the state. They include: Grant County State Bank in Carson, Farmers State Bank of Crosby, Heartland State Bank in Edgeley, Sargent County Bank in Forman, First State Bank of Golva, United Community Bank of North Dakota in Leeds, Stock Growers Bank in Napoleon, Liberty State Bank in Powers Lake, Merchant Bank in Rugby, Strasburg State Bank, People’s State Bank of Velva and Farmers Security Bank in Washburn.