Business Briefs: Local banks get top rating

Business Briefs: Local banks get top rating

October 19th, 2013 by Associated Press and Staff Report in Business Around the Region

Local banks get top rating

CapitalMark Bank & Trust in Chattanooga, Southern Heritage Bank in Cleveland, Tenn., and BB&T Co., are among the banks awarded the top 5-Star Superior Rating for strength, stability and soundness by independent rating and research firm BauerFinancial. The three local banks were rated the best in capital, asset quality and profitability among more than 30 banks that operate in the Chattanooga region.

CapitalMark, which was started only six and a half years ago and expanded into Oak Ridge last year, was one of the youngest banks with the 5-star ranking.

"We are reassured that our banking model is both efficient and effective when we receive high performance honors," CapitalMark President Kenny Dyer said.

NYSE runs test for Twitter IPO

The New York Stock Exchange isn't taking any chances with Twitter's initial public offering.

The Big Board said Friday it would allow trading firms to conduct a dry run of their systems to prepare for Twitter's IPO. The NYSE test will occur on Saturday, Oct. 26, according to a notice sent out to traders.

The exchange seems to want to avoid the technical problems that marred Facebook's debut on the Nasdaq Stock Exchange in May 2012. The glitches were a major embarrassment for Nasdaq, and resulted in a big fine.