Even though the US banking system seems to be on a trail of recovery, the long-awaited improvements are not coming in the desired pace. Here is a brief case study on banking system, demonstrating which states are good and bad for banking.
Notably, banking conditions can very significantly depending on where one looks: while there were 33 states with no failing banks in 2012, Georgia alone had 10 of them – one fifth of the total amount nationwide. The banks were rated taking into account customer satisfaction, availability of high interest rates, stability, and the size of the banking community.
The 10 best banking states are Ohio, Kentucky, Louisiana, Montana, West Virginia, New York, Virginia, North Dakota, Colorado, and Texas. Ohio banks were given fifth-highest consumer satisfaction score; Kentucky was the runner-up to Ohio in terms of customer satisfaction, and had no failing banks in 2012; Louisiana score was the same Kentucky had, and also no failing banks last year; Montana scored very well in terms of customer satisfaction and experienced no bank failures in 2012; West Virginia, even though having very little banking community, scored almost like Montana; New York banks all obtained higher-than-average scores in customer satisfaction, while not a single one out of state’s 175 banking institutions failed. Virginia and North Dakota scored well for customer satisfaction; Colorado had no failures last year and, additionally, is host to Mile High Banks, which is one of the nation’s best banks; Texas, even though below-average on the satisfaction survey, has got the top stability mark, as none of its 500 banks failed.