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.
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