Foxboro Federal Savings Named One of America’s Safest Banks

, located at One Central St., was recently named one of America’s 359 safest banks, according to a report by MSN Money.

The report, which was published on July 13, used a “special metric called the Texas Ratio” to find the safest banks in America.

The article says the Texas Ratio had been used “to correctly predict bank failures in Texas during the 1980s recession, and again in New England during the recession of the early 1990s.”

Basically, the closer the ratio is to zero, the lower the bank’s risk of failure is. Out of more than 7,300 banks across the country, only 359 banks, including Foxboro Federal Savings, achieved a perfect 0.0 ratio. Of those 359 banks in America, only eight were in Massachusetts while six states, including nearby New Hampshire and Maine, had zero banks make MSN Money’s list.

To read the full article on MSN Money, click here.

Foxboro Federal Savings President Dennis Parente said the directors, officers and staff of the bank are “very happy and honored to receive this distinction.”

“As a true community bank, Foxboro Federal has always been able to adequately assess risk in the areas it serves and operate in a prudent manner,” said Parente.

The distinction has also led to new business, according to Parente.

“A colleague who saw the article notified me,” Parente said. “Shortly afterward a new customer mentioned it as their reason for opening an account.”

Parente credited the efforts of his staff for achieving this type of recognition.

“We are very proud that our efforts have resulted in this level of accomplishment and our goal will be to maintain this type of performance,” he said.

High ratings are nothing new to the local bank, according to Parente, who says Foxboro Federal has also received Bauer 5-Star and Bankrate “Superior” Ratings for “many years.”

“[We] look forward to providing this type of customer service and financial security to our customers for many years to come,” Parente said.