Fairport Savings Bank named one of safest banks in America | News
Fairport Savings Bank has been named of the safest banks in America according to Money.MSN.com.
The article details 359 institutions that are predicted to be the furthest from risk of failure through a financial formula called the Texas Ratio.
The formula was used during the 1980s recession to correctly predict bank failures.
Out of more than 7,300 banks in America, Fairport Savings Bank stood amongst the top 359 who achieved a perfect ratio of 0.0 --the lowest risk of failure possible.
President of Fairport Savings Bank Dana Gavenda said, “Our customers have trusted us with their finances and their dreams for over 120 years. As of late, a lot of the bigger banks have proven to be anything but trustworthy, and that's where small community banks like Fairport Savings Bank have a leg up. Only 359 banks in America were honored with this recognition, and although we're grateful to be included on the list, we're really not all that surprised.”
Fairport Savings Bank has branch offices in Fairport, Perinton, Penfield, Irondequoit and Webster.