Keefe BankWatch ratings are based upon a quantitative analysis of all segments of the organization including, where applicable, holding company, member banks or associations, and other subsidiaries. Keefe BankWatch assigns only one rating to each company, based on consolidated financials. While the ratings are intended to be equally applicable to all operating entities of the organization, there may, in certain cases, be more liquidity and/or credit risk associated with doing business with one segment of the company versus another (i.e., holding company vs. bank). It should be further understood that Keefe BankWatch ratings are not merely an assessment of the likelihood of receiving payment of principal and interest on a timely basis. The ratings incorporate Keefe’s opinion as to the vulnerability of the company to adverse developments which may impact the market’s perception of the company, thereby affecting the marketability of its securities.