Charlotte-based Truist Bank earned a “stable” rating from S&P in late August, as the rating agency evaluated the health of 10 U.S. banks. S&P said it reviewed these banks because it believes they have “potential risks in multiple areas.”

S&P pointed to “tough operating conditions” that are straining the banking industry, CBS News reported, adding that S&P’s Aug. 21 report noted that a few of the banks it looked at are facing risks that could make them “less resilient than similarly rated peers.”

CBS quoted the ratings agency as stating: “For instance, some that have seen greater deterioration in funding – as indicated by sharply higher costs or substantial dependence on wholesale funding and brokered deposits – may also have below-peer profitability, high unrealized losses on their assets, or meaningful exposure to CRE [commercial real estate].”

Truist was the only North Carolina-based bank among the banks that S&P assessed and was one of only two of the 10 deemed stable. The other was Synovus, based in Columbus, Georgia. S&P officials believe that these two banks have some factors that mitigate their risks. 

S&P’s evaluation came two weeks after Moody’s cut the credit ratings of 10 small and midsize banks “because of growing financial risks and strains that could erode their profitability,” CBS News stated. Both credit ratings agencies reviewed the banks as a result of the banking disruption that began in March when Silicon Valley Bank, once the country’s 16th largest bank, collapsed just days after depositors grew fearful of its solvency and made a classic bank run.

Truist was among the financial institutions Moody’s looked at and was the only North Carolina-based one on the list. It and several others were placed “under review for possible future downgrades,” but did not experience any immediate action from the ratings agency.