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Charleroi Federal again earns top bank rating

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Charleroi Federal said Wednesday it has again earned the highest ranking from the nation’s leading independent bank rating and research firms.

“Despite an uncertain economic environment Charleroi Federal continues to shine at the center of the financial industry with capital of over 12 percent and $551 million in assets,” the Charleroi-based financial institution said in a press release.

Bauer Financial Inc.announced Charleroi Federal has earned its highest rating (5 stars) for 25 consecutive years, an accomplishment that only 1 percent of the nation’s bank enjoy.

The bank noted it also gained national attention when it was also recognized by SNL Financial Group, a leading provider of financial data, as the No. 12-rated mutual holding company in the country , in categories of strength such as of low percentage of non-performing assets, low net charge-offs and the bank’s strong capital position.

“For over 77 years our guiding principal has been our adherence to high ethical standards,” said President and CEO Neil D. Bassi in a statement. He added that thes accolades are even more important to note “in light of the negative impact of compression on net interest margins resulting from the current extended low rate environment.”

Bassi also said 2013 was “an extremely productive year in the areas of construction and purchase lending, where Charleroi Federal originated a record number of loans while the refinancing of existing of mortgages have tapered.”

Bassi acknowledged the bank has considerable challenges ahead, the greatest of which is the regulatory environment that is more intense than in the past and the overall increase in risk and how its associated costs need to be controlled in order to remain competitive.

At the same time, he said many opportunities are available through the leverage of technology that will enhance the bank’s ability to provide choices for consumers with mobile banking leading the charge.

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