Visalia-based bank ranks 30th in the nation, 6th in state for returns, efficiency, and loan growth
VISALIA – One local community bank is among the top performing in the nation.
On April 9, Visalia-based Suncrest Bank was named one of the Top 100 Best-Performing Community Banks for 2018 by S&P’s Global Market Intelligence, a division of Standard & Poor, the leading provider of index and independent credit ratings. In the category for banks with assets under $3 billion, Suncrest ranked 30th overall and 6th in California.
“Our goal is to be The Best Community Bank in California,” said Ciaran McMullan, President and CEO of Suncrest Bank. “We want to achieve that in three ways; by being the best to work for in terms of employee engagement and our organizational culture, the best to work with in terms of how well we support our customers and our communities, and the best to invest in, in terms of financial performance and shareholder value.”
To compile the rankings S&P considers a set of performance criteria including; return on average tangible assets before tax, net charge-offs as a percentage of average loans, adjusted Texas ratio, efficiency ratio, net interest margin and loan growth. California placed 13 of its 108 eligible banks in the top 100 in 2018, followed by Missouri and Texas with 10 institutions apiece. For more information, visit www.spglobal.com.
J.P. O’Sullivan, Managing Director of Financial Institutions at S&P Global Market Intelligence said, “Year-after-year, we see the increasingly significant role that community banks and credit unions play in their local communities. From metropolitan cities to the rural towns across the US, access to credit through local banks and credit unions is a key driver for local economic growth.”
Suncrest Bank is locally owned and operated and offers a full range of commercial, small business and agribusiness loans, cash management services and personal deposit products throughout the Central Valley of California. It is regularly rated Five Stars by Bauer Financial as one of the nation’s strongest financial institutions, and in 2017 and 2018 was named to the OTCQX Best 50, a ranking of top performing companies traded on the OTCQX Best Market. It is a Preferred Lender with the Small Business Administration and its stock can be purchased on the open market, trading on the over-the-county stock exchange (OTCQX) under the ticker symbol SBKK. For all other information, visit www.suncrestbank.com.
McMullan added, “Being named to this list is an important milestone on the path to achieving our ‘Best to Invest In’ goal.”