|Discover Bank Receives Bankrate.comTM Highest Rating for Financial Strength and Stability|
RIVERWOODS, Ill., Apr 19, 2011 (BUSINESS WIRE) -- Discover Bank has been awarded the highest rating - five stars - by the most recent Bankrate.com(TM) Safe & Sound® Ratings Service of relative financial strength and stability in the financial services industry.
The service has provided consumers information on the strength and soundness of U.S. commercial banks, savings institutions and credit unions for more than 13 years.
"Discover has a strong position thanks to our industry-leading credit risk management and strong capital levels," said Carlos Minetti, president of consumer banking and operations for Discover. "One driving force behind our deposit growth is our relentless focus on service and value, which serve to build an even stronger financial foundation for our business model."
"Historically, when financial institutions receive one of our 4 or 5 star Safe & Sound® ratings, it has been a strong indicator of their financial health," said Thomas R. Evans, president and CEO of Bankrate, Inc.
Bankrate's Safe & Sound ratings are comparisons to both industry peer norms and standards. Individual performance levels are determined from publicly available regulatory filings and are compared to asset-size peer norms, industry standards and key absolute benchmarks. To learn more about Bankrate's Safe & Sound ratings methodology, go to: www.bankrate.com/brm/safesound/ss_home.asp.
Discover Financial Services (NYSE: DFS) is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company operates the Discover card, America's cash rewards pioneer, and offers personal and student loans, online savings accounts, certificates of deposit and money market accounts through its Discover Bank subsidiary. Its payment businesses consist of Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in more than 185 countries and territories. For more information, visit www.discoverfinancial.com.
SOURCE: Discover Financial Services