Somerville Bank Makes List of Safest in Nation
The Winter Hill Bank is one of eight banks in Massachusetts that's least likely to fail, according to MSN Money.
The Winter Hill Bank, based in Somerville, is one of the 359 safest banks in the country, according to a story published in July by MSN Money.
MSN Money noted that the Federal Deposit Insurance Corporation, the FDIC, which protects people's bank deposits up to $250,000, has seen its reserves dwindle from $52.4 billion in 2007 to $11.8 billion now, thanks to a series of more than 413 bank failures since the financial crisis of 2008.
The FDIC expects $12 million worth of bank failures between 2012 and 2016, the MSN Money article says, using that piece of information as a reason for deciding which of America's more than 7300 banks are the safest places for depositing money.
The financial news website used something called the "Texas Ratio" to determine which banks are the least likely to fail. Across the country, 359 banks received a perfect score of zero, meaning they have a very low chance of failing.
The Winter Hill Bank was one of eight banks in Massachusetts on the list, which you can see here.