NEW YORK, March 26, 2020 /PRNewswire/ -- S&P Global
Market Intelligence released its annual rankings for 2019's
best-performing community banks with assets between $3 billion and $10
billion, community banks with assets less than $3 billion, and top-performing credit unions.
"During this time of economic uncertainty, we first and foremost
would like to thank the community banks and credit unions for their
tireless work serving their local communities. As essential
services, we recognize that these local banks and credit unions can
provide a sense of stability to those who need it most. This year's
rankings once again prove that the growth in community banks are a
key driver behind the US economy. With localized knowledge and
regional ties, these institutions can meet the specified needs of
the communities they serve. S&P Global is proud to recognize
these local institutions and looks forward to this year's
achievements, said J.P. O'Sullivan, Managing Director of
Financial Institutions at S&P Global Market
Intelligence.
Of the best-performing community banks with assets between
$3 billion and $10 billion, Preferred Bank earned the top spot.
This Los Angeles, CA.-based bank
outperformed the industry median in all six of the ranking metrics
analyzed and achieved the lowest efficiency ratio among the top 50
at 32.69%.
As for community banks with assets less than $3 billion, Central Bank of Kansas City ranks number one, up 17 spots from
2018. Certified as a community development financial institution
(CDFI), this bank lends to low-income communities in projects in
three states. Last year alone, its loans jumped 37.6% due to a
surge in commercial, industrial, and multifamily loans.
This year's top performing credit union designation was given
over to Lake Michigan Credit Union, based out of Byron Center, MI. This year, the 87-year-old
credit union outperformed the industry median in all five ranking
metrics allowing it to surpass its 2018 second place ranking, in
addition to obtaining a 7.2% growth in membership and a 14.9%
growth in market.
Click here to access the full list of top performing U.S.
community banks and credit unions for 2019.
About S&P Global Market Intelligence
At S&P
Global Market Intelligence, we know that not all information is
important—some of it is vital. We integrate financial and industry
data, research and news into tools that help track performance,
generate alpha, identify investment ideas, understand competitive
and industry dynamics, perform valuations and assess credit risk.
Investment professionals, government agencies, corporations and
universities globally can gain the intelligence essential to making
business and financial decisions with conviction.
S&P Global Market Intelligence is a division of S&P
Global (NYSE: SPGI). For more information,
visit www.spglobal.com.
Media Contact
Amanda
Oey
S&P Global Market Intelligence
+1 332-323-2312
Amanda.Oey@spglobal.com
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SOURCE S&P Global Market Intelligence