Spratt Savings & Loan Association announced today that it has again earned a stellar A+ rating for financial strength from TheStreet.Com Ratings, Inc., an independent firm that analyzes and rates banks, thrifts and insurance companies nationwide. TheStreet.com Ratings, Inc. released its latest list of top banks based on data through October 2007. Spratt Savings was among an elite group of just 69 banks nationwide that earned the top ranking and this means that Spratt Savings is in the top .8% of all institutions rated. TheStreet.com Ratings evaluates the financial strength of more than 15,000 financial institutions. To make the A+ grade, a bank or thrift must have maintained a conservative stance in business operations and underwriting practices. Additionally, a strong equity base, superior asset quality, stable earnings and high liquidity are key factors in achieving the top standing. “This rating is truly a high achievement,” said Bruce R. Fador, Senior Vice President of Professional Markets for TheStreet.com Ratings, Inc. Fador noted the importance of financial strength to a bank or thrift’s customers. “It is important for depositors and borrowers to check the financial security offered by a financial institution prior to opening an account and then periodically monitor the company's condition going forward, “ he said, adding, “Low-rated banks and thrifts should be avoided in favor of highly rated companies. A financially weak bank or thrift represents a potential for financial loss, hassles and headaches for both its depositors and borrowers.” Glenn Anderson, CEO of Spratt Savings said, “We are extremely pleased with this financial accomplishment. It is encouraging to have a respected independent party confirm the validity of our strategic fiscal objectives. This affirmation of Spratt’s fiscal soundness is especially gratifying considering the current turmoil within the financial markets. It also serves as an effective predictor of our future financial solvency and ability to withstand severe economic adversity. Anderson noted that 2007 marks the organization’s 115th year of operation and noted the correlation between financial strength and longevity. Our approach for more than a century has been to operate with stability and fiscal soundness, thereby enabling our customers to enjoy complete confidence in this institution.” Spratt Savings & Loan was established in 1892 and is proud of having the distinction of the oldest active savings and loan charter in South Carolina. The Association provides a full range of individual and business deposit/investment services along with long-term mortgages, retail and commercial loans. For additional information, please contact Monte Bowers, Senior Vice President or Kathy Davis, Senior Vice President of Operations or Glenn Anderson, CEO at Spratt Savings & Loan Association at 803-385-5102.
