FERNANDINA BEACH, Fla., Dec. 12, 2017 /PRNewswire/ -- CBC National Bank, headquartered in Fernandina Beach and with branches in Fernandina Beach, Ocala and The Villages, Fla., and Beaufort and Port Royal, S.C., today announced that it has earned the coveted 5-Star Superior Rating from BauerFinancial Inc., the nation's leading bank rating firm, in recognition of its strong financial performance.
BauerFinancial rates all banks and credit unions on a zero- to five-star scale, with five stars being the strongest. "Each of the institutions on the Recommended Bank Report is financially sound and is operating well above its regulatory capital requirements. Five-star institutions generally have twice the capital required by regulators," according to Bauer.
The 5-Star Superior rating was conferred on CBC National Bank based on its Sept. 30, 2017, regulatory reporting data. The achievement marks the 10th consecutive quarter that CBC has been on Bauer's Recommended Bank Report.
In addition to capital adequacy, BauerFinancial uses other criteria to determine its Star Rating, including but not limited to: profitability, asset quality, growth and liquidity. CBC National Bank compares favorably to its peer group institutions (those with assets of between $300 million and $1 billion) across most of the metrics Bauer considers, as of Sept. 30, with exemplary comparisons in terms of its capital ratios and both its annualized return on assets (1.44 percent for CBC, compared to 0.93 for its peer group) and annualized return on equity (11.79 percent for CBC, compared to 8.14 percent for its peer group).
"CBC is gratified to have achieved BauerFinancial's 5-Star Superior Rating," said Charles Wagner, president of CBC National Bank. "Along with the fact that we have been on Bauer's Recommended Bank Report for 10 consecutive quarters rated at minimum 'Excellent,' it is a testament to the capabilities of our talented staff and management. They continue to successfully execute our operating strategy, which underpins the strong financial performance for which we are being recognized."
About CBC National Bank
CBC National Bank, headquartered in Fernandina Beach, Fla., provides a full range of consumer and business banking services through full-service banking offices in Fernandina Beach, Ocala and The Villages, Fla., and Beaufort and Port Royal, S.C. The company's residential mortgage banking division, headquartered in Atlanta, includes both traditional retail and wholesale lending groups, which together have lending offices in Florida, Georgia, Maryland, South Carolina, North Carolina, Illinois, Ohio and Tennessee. The company's SBA lending division operates under SBA's delegated authority, originating SBA, USDA and FSA loans throughout the southeastern United States. Headquartered in Fernandina Beach, its offices are located in Jacksonville, Ft. Myers, Tampa and Vero Beach, Fla., Greensboro, N.C., Atlanta and Beaufort. For more information, please visit CBC National Bank's website, www.cbcnationalbank.com.
About Coastal Banking Company Inc.
Coastal Banking Company Inc. is the $650.8 million-asset bank holding company of CBC National Bank. For more information, please visit the company's website, www.coastalbanking.com.
On November 7, 2017, First Federal Bancorp, Inc., the holding company of First Federal Bank of Florida, announced a definitive merger agreement to acquire Coastal Banking Company, Inc., and CBC National Bank. It is expected that the merger will close and the two companies will become one organization at the end of the first quarter, or in the second quarter, of 2018, pending required shareholder and regulatory approvals.
SOURCE CBC National Bank