Kristina Heller, right, daughter of the owner, works in customer service at Veribanc, in Woonsocket, which provides bank and credit union ratings to consumers. At left is David Roberts, director of information technology at the company.

The Providence Journal / Bob Thayer

When IndyMac Bank F.S.B., of Pasadena, Calif., collapsed last month, the resulting tremors reached across the country to a third-floor suite of offices in a building on Social Street in Woonsocket.

As a result of IndyMac’s widely publicized failure — and the pictures of customers lined up outside the bank and its branches — depositors of other institutions wondered how safe their banks were.

So many of them called Veribanc Inc., a nationally known bank-rating and research firm based in Woonsocket’s Social district.

IndyMac failed July 11. When Veribanc president Michael M. Heller arrived for work the following Monday, July 14, call volume was spiking.

“All . . . of our lines were continuously lit up all day,” Heller told me. “Everybody pitched in” to answer the calls, he said.

Over the next two weeks or so, Veribanc received more than 1,000 calls from anxious depositors, he said.

The last time he had witnessed such volume was in the early 1990s, amid an industry downturn that included the collapse of Bank of New England.

Before that, it was the nation’s savings-and-loan crisis of the mid-1980s, he said.

When I dropped by Heller’s office last week, I asked him whether we’re on the verge of another one of those upheavals in the nation’s banking industry.

His answer: “Categorically no.”

He offered several reasons:

•Mortgage Loans: Much of the trouble at the big banks you’ve read about relates to mortgage loans. In general, lenders granted a lot of loans to a lot of borrowers who couldn’t afford them. The lenders then packaged the loans for sale to investors. A bunch of these loans went sour — and so did the related investments.

As a general rule, though, such problems have been confined to “the big guys” — not to smaller banks and credit unions, Heller said. As for community institutions — in Rhode Island and elsewhere — “They’re probably going through some problems, but nowhere near as much” as some big banks are facing, Heller said.

•Regulation: The regulatory system for federally insured institutions “has more teeth” than it used to, he said. In previous troubled times, regulators were more likely to react to events. Now, they’re more likely to get involved earlier in the process, to try to ward off the big problems that may arise later on.

•More Capital: This time around, most banks generally have more capital — the financial cushion they need to withstand losses, including losses on bad loans.

Overall, Veribanc assigns ratings on more than 16,700 banks, thrifts and credit unions nationwide.

Of that total, about 70 percent qualify for Veribanc’s highest possible rating, Heller told me.

“The vast majority” of the nation’s banks, thrifts and credit unions “are doing well,” he said.

Sheila C. Bair, chairwoman of the Federal Deposit Insurance Corporation (FDIC), recently said much the same thing.

“The overwhelming majority of banks in this country are safe and sound and the chances that your own bank could fail are remote,” Bair said.

True, eight federally insured banks have failed so far this year. (The most recent was First Priority Bank, of Bradenton, Fla., which regulators closed Friday.)

But keep things in perspective. In 2005 and 2006, there were no bank failures, Heller said. Last year, there were about a half-dozen — and that’s been about the national average since the mid-1990s, he said.

So far this year, then, we’re not in another banking crisis.

But you still need to keep an eye on the safety and soundness of your financial institution, just in case.

First, make sure your deposits are properly arranged so that they’re covered by federal deposit insurance (please see the July 17 MoneyLine for details).

Also check regularly to see how your institution rates for safety. (Please see “Today’s Tip” below for more information.) That’s true even if your deposits are fully insured.

One reason is that safety ratings are typically based largely on the most recent financial reports that the institutions have filed with regulators. Conditions can change over time.

Another reason is that if the institution fails, you may have to go through a claims process, so it could take time to get your money back — especially if there’s a problem with the records on file at the bank, Heller said.

You should also check the safety rating if you have certain types of loans outstanding, such as a construction loan or home equity line of credit. These loans could be interrupted if your financial institution is having trouble or fails, he said.

While a portion of Veribanc’s revenue comes from consumers, the bulk of it comes from others — such as government agencies and businesses that may park large amounts at a bank temporarily, most of which exceeds federal deposit insurance limits, Heller said. These entities must regularly check on a bank’s safety rating.

Veribanc isn’t the only one in the safety-rating business, but it’s one of the oldest and most reliable.

The company has provided ratings since 1981. Formerly in Wakefield, Mass., and owned by Warren and Kitty Heller, the company moved to Woonsocket eight years ago, and is owned by Michael Heller and his wife, Alexis, of Glocester.

The bottom line is this: So far, there’s no national banking crisis. But it’s still prudent to keep an eye on how your bank, thrift or credit union rates for safety — just in case.

TODAY’S TIP: You can find out how your bank, thrift or credit union rates by calling Veribanc toll-free at (800) 837-4226 from 9 a.m. to 5:30 p.m. business days.

Veribanc charges $10 for the first rating you order, $5 for each additional rating ordered at the same time. You’ll receive the rating over the phone, and a written confirmation by mail. (More detailed reports are also available for higher prices.) More information about Veribanc is on the company’s Web site:

www.veribanc.com

Questions about your money matters? Call us at (401) 277-7484 and leave a message, or e-mail:

moneyline@projo.com

Whether you phone in or e-mail your question, please be sure to include your name, home town and home phone in case we need to reach you. Sorry, no personal replies; as many questions and issues as possible will appear here.