[gfmucci]

I went into a Citizens First branch (Colony) this morning to get some information about opening an account. With banks in the news lately, I asked the information person at the front, the one who works with new customers to open accounts, "what is the rating of this bank?"

She said she didn't know, but she will check with someone who does. Well, with the banks in the news lately, I was surprised that the rating wasn't on the tip of her tongue and the first bit of information why I should open an account there.

She came back in two or three minutes with the answer: "That information is confidential." I was surprised and put off by that answer, and as I got up to leave I gave my opinion of that answer, "That is the exact problem we're experiencing now with the banking industry...the lack of transparancy."

Funny thing is, bank ratings are public information. For example, TheStreet.com rates Wachovia a C+ and Citizens First a B-, not much difference. This was as of June 20, 2008. The next review is before the end of September, which should be out any minute now. There are several other rating services, e.g. AM Best and others. Here is an FDIC site that lists the various bank rating services: http://www.fdic.gov/bank/individual/bank/index.html

What do you guys understand about the ratings of local banks and how "confidential" that information is supposed to be?