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Southern Arizona’s community banks and credit unions are poised to weather the deepening financial storm.

But some have been hit hard by the economic downturn, taking losses while working out bad loans.

Several prominent Tucson credit unions have taken losses this year as loan delinquencies — particularly for autos and credit cards — have risen sharply, shows a recent report based on second-quarter figures. The report was compiled by Bauer Financial, based in Coral Gables, Fla., which rates banks and credit unions for consumers.

The report also shows in the second quarter, Tucson-based National Bank of Arizona was saddled with a high level of delinquencies, which the bank blames on development loans. But many in the banking industry have said National Bank of Arizona, which will be receiving U.S. Treasury Department funds and recently raised substantial capital, is in excellent shape.

The report also rated four Arizona-based banks as “problematic” and one as “troubled.” Two credit unions were rated as “problematic” and one received no stars, Bauer’s lowest rating. All of those institutions are based in Phoenix and many have been struggling with losses for the year or with high numbers of loan delinquencies.

“It’s an indication of stress in the banking system, and it indicates that there is a larger chance that banks will either be acquired by someone else or go out of business,” University of Arizona economist Marshall Vest said. “It’s all part of the consolidation that we are seeing. Smaller banks don’t have as many sources for raising funds that larger banks do.”

The Bauer Financial ratings are based on quarterly reports banks and credit unions file with regulators outlining levels of capital, delinquencies and profits, among other information. All of the banks are backed by the Federal Deposit Insurance Corporation, which means individual deposits of up to $250,000 are covered by insurance.

See how your bank rated in Sunday's Arizona Daily Star