Daisy Luther

Right on the heels of seeing a downgrade of the creditworthiness of the United States itself, Moody’s has downgraded ten small to medium banks across the country, citing “financial strain” and “strains that could erode their profitability.” Six more banks are under review, and another eleven have been shifted from “stable” to negative.

If you still have all your money in the banking system, you’re quickly running out of time to change strategies and preserve some of your wealth.

Which banks got downgraded?

The ten banks which were downgraded are:

• Commerce Bancshares
• BOK Financial Corporation
• M&T Bank Corporation
• Old National Bancorp
• Prosperity Bancshares
• Amarillo National Bancorp
• Webster Financial Corporation
• Fulton Financial Corporation
• Pinnacle Financial Partners
• Associated Banc-Corp

According to the Federal Reserve, the largest of these is M&T, which is the 19th largest bank in the country.

More banks are under review.

But the downgrades may not stop there. Moody’s has said that six more banks are “under review.”

Those banks are:

• Bank of New York Mellon Corporation
• Northern Trust Corporation
• State Street Corporation
• Cullen/Frost Bankers
• Truist Financial Corporation
• U.S. Bancorp

Other banks have been given a “negative outlook.”

The bad news doesn’t stop with these 16 banks. Another eleven have been shifted from stable to negative:

• PNC Financial Services Group
• Capital One Financial Corporation
• Citizens Financial Group
• Fifth Third Bancorp
• Huntington Bancshares
• Regions Financial Corporation
• Cadence Bank
• F.N.B. Corporation
• Simmons First National Corporation
• Ally Financial
• Bank OZK

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