PHILADELPHIA — The Citizens Bank has been named a “Top 200 Bank” in the U.S. by U.S. Banker magazine. The rating is based on the past three years’ return on equity.
According to Citizens, it was the top-ranked bank in Mississippi, coming in at 99th. The performance review included all community banks and thrift institutions nationwide.
The magazine’s editor-in-chief, Alan Kline, said, “A couple of years ago, a three-year return on equity of 10 percent would have been seen as subpar. By today’s standards, though, a 10 percent ROE is more than respectable.”
Citizens ROE exceeded 10.5 percent. The bank manages more than $840 million in assets and generated more than $7 million in net income for the year ended Dec. 31, 2009.
“We consider it an honor to be named in the top 100 community banks in America,” said Greg McKee, president and CEO of Citizens. “But of greater importance in today’s economy, it’s important for our customers to take great confidence in our bank and the manner in which we operate.”