REGION

REGION

Cortland Banks earns Bauer five-star rating

CORTLAND — Cortland Banks has earned Bauer Financial’s highest rating — five stars — for the 61st consecutive quarter.

That is a feat that fewer than 1,000 banks have accomplished.

The Bauer rating is based upon the financial condition of each bank, including an evaluation of its capital strength, asset quality and profitability.

Bauer Financial is the nation’s leading independent bank and credit union rating and research firm.

According to Bauer’s ratings, Cortland Banks is in the top 10.6 percent of all banks nationwide. Cortland Banks is the only local bank to achieve a five-star rating.

NATION

Americans lack literacy in finance, survey reveals

NEW YORK — Most Americans recognize that overwhelming debt is a burden, but they aren’t always good at anticipating how much their spending will cost them.

According to a financial literacy survey by the Center for Economic and Entrepreneurial Literacy, which advocates personal finance education, just a quarter of adults knew that overdrawing their checking account (bouncing a check) for a quick $100 was more expensive than a payday loan, credit card advance or emergency wire transfer. More than half said they thought a payday loan would be pricier.

Understanding the cost of a mortgage was another challenge. Only a third knew that a home buyer could expect to pay $350,000 in interest for a $300,000 house over the course of a 30-year mortgage with a 6 percent yearly interest rate.

From Vindicator staff and wire reports