First Citizens Bank earns higher rating
Published 6:17 pm Tuesday, September 15, 2015
Officials at First Citizens Bank released the recent bank ratings from Palm Beach Florida based Weiss Ratings, LLC, an independent research firm that upgraded FCB from a B to a B+.
“Good news like this is very rewarding, yet humbling,” William W. Petrey, President and CEO of FCB said. “Reaching this rating level is a difficult undertaking; but it is easy to pinpoint the credit. First, we owe this breaking news to our wonderful customers who have trusted and helped us grow through the years. Secondly, we can thank our wise and seasoned board of directors who have guided our bank with a steady hand and a conservative governing philosophy for over three decades. Thirdly, we have a wonderful group of trained professionals at FCB who tirelessly work and daily execute our creed to meet the financial needs of our customers and communities. Our personal service will show that we care.”
Weiss is a nationally renowned research company that focuses primarily on the strengths and weaknesses of banks, credit unions, health insurance, property and casualty and life and annuity insurance companies.
In 1971, Martin D. Weiss founded his research firm, reviewing U.S. banks for consulting clients and newsletter subscribers. The acquisition of the bank ratings division of T.J. Holt & Company in 1987 launched Weiss into the rating business, and later that year the company published its first guide rating 13,000 banks and savings and loans.
According to Weiss, the bank ratings are designed to carefully measure the financial safety of a bank. The B+ rating means that FCB offers good financial security and has the resources to deal with a variety of adverse economic conditions.
In addition, FCB comfortably exceeds the minimum levels for all of Weiss rating criteria and likely to remain healthy for the near future. The plus sign indicates that FCB is at the upper end of the letter grade rating. This upgrade from a B to B+ indicates that FCB is now on the Weiss Recommendation List, which includes only those banks rated B+ or higher.
Weiss B+ rating also categorizes FCB among the strongest financial institutions in the country and offers excellent financial stability for its customers.
FCB is a 35-year-old long-standing financial institution with assets of $226 million and operates five branches in Butler, Crenshaw and Lowndes counties.