First Citizens Bank earns national recognition
Published 9:23 am Thursday, July 2, 2009
The Independent Community Bankers Association (ICBA), in Washington, D.C., has named First Citizens Bank in Luverne as one of 400 Top Performing Community Banks in the U.S. in the June 12 issue of the Independent Banker (ICBA National Magazine). First Citizens was included in the group’s annual listing of top performing member banks.
The trade magazine recognized First Citizens Bank for posting one of the best year-end earnings performances in 2008 for ICBA member community banks having $50 million to $100 million in assets. In this same publication, First Citizens Bank ranked 13th nationwide among community banks in their asset range on Return of Equity.
“Community banks are integral parts of the economic and civic fabric of thousands of towns and cities across America,” said Karen Tyson, ICBA senior vice president of communications. “In addition to offering the quality financial products and services their customers need, community banks like First Citizens Bank spend countless hours and resources helping their communities thrive. ICBA congratulates First Citizens Bank for serving its community so efficiently and effectively.”
First Citizens Bank was identified in the ICBA Independent Banker year-end ranking of ICBA members based on the standard industry performance measures of return on average assets, and return on average equity. The magazine compiles its annual member rankings in its June issue from year-end FDIC call report data.
First Citizens Bank in Luverne is celebrating 29 years of service. In this short span of time, this home grown financial institution has earned peer recognition both in-state and nationally.
At the state level, First Citizens was cited for outstanding performances among peer banks in the first quarter of 2009 in a report compiled by Financial Management Consulting Group. Among 147 banks statewide, First Citizens Bank ranked #1 South of Birmingham in efficiency, asset quality and earnings. In this same report, First Citizens Bank ranked 6th statewide among all community banks in these same performance categories.
On March 13, First Citizens Bank hosted the grand opening and ribbon cutting of its expansion – a spacious 9,000 square foot facility in front of the existing building in downtown Luverne.
When asked about First Citizens Bank’s success, William Petrey, President and CEO of the bank said, “This state and national recognition along with our 2009 expansion is a direct result of the unwavering strength and work ethic of the good citizens and businesses in this region of the state, especially the community we serve. Since the inception of our bank, the Board of Directors has decisively navigated our course of doing business with a conservative, common sense governing philosophy and has placed the highest priority and value on customer service and community involvement.”