News & Press
State Bank Ranked No. 1 in U.S.
State Bank ranked No. 1 in U.S.
Just a few days past its second year of business, State Bank Financial Corp. has been named the top performing bank in the United States.
The ranking was published in Bank Director magazine’s 2011 Bank Performance Scorecard, which ranks the 150 largest U.S. publicly traded banks and thrifts based on 2010 financial data.
State Bank Financial Corp. is the parent company of Macon-based State Bank and Trust Co., which acquired Security Bank Corp. in July 2009 in its first FDIC-assisted acquisition. Since then, State Bank has completed four other bank acquisitions with the assistance of the Federal Deposit Insurance Corp.
“We are extremely pleased and humbled to receive this distinction,” bank Chairman and CEO Joe Evans said in a news release.
Bank Director’s analysis, complied by research firm Sandler O’Neill, is designed to identify institutions that are strong in three critical areas: profitability, capital and asset quality.
“Companies that are built to be sold are rarely as good as companies that are built to last,” according to the magazine.
“But Evans seems intent on building a bank that can do its part to put the Georgia economy back on its feet -- a bank that can go the distance.”
Because of the way this ranking is done, a low score is better than a higher score. No. 1 State Bank had a final score of 35 and the next closest score was 53.5, achieved by a Texas-based bank. The other Georgia-based banks on the list are: SunTrust Banks Inc. ranked 125 with a 444.5 score; Ameris Bancorp ranked 133 with a 473.5 score; Synovus Financial Corp. ranked 139 with a 531.5 score; and United Community Banks Inc. ranked 143 with a 542.5 score.
The article states that State Bank “is truly a product of the industry’s turbulent times.”
When State Bank acquired Macon-based Security Bank, the deal was backed by a $300 million investment from a variety of institutional investors, which gave State Bank plenty of capital. Also, the bank received loss share assistance from the FDIC, “which partly explains its outstanding asset quality,” the article states.
Evans said State Bank wants to remain a dominant player throughout Middle Georgia.
“There are a lot of good things that come to a bank that has a leading market share,” he said.
“We are very pleased to have that in the Middle Georgia marketplace, and we’re going to do everything in our power to see that we not only preserve that, but extend it.”
To contact writer Linda S. Morris, call 744-4223.
Source: Macon Telegraph/July 27, 2011/Business