MIAMI, June 13, 2012 /PRNewswire/ -- City National Bank of Florida (CNB) has received a 5-star "superior" rating from Coral Gables-based bank ratings firm BauerFinancial. This is the highest rating Bauer bestows upon banks, and the rating keeps City National Bank on the "Recommended Institutions" list. CNB jumped from its previous rating of 4 stars ("excellent") and continued its climb from a 1st quarter 2011 rating of 3.5 stars ("good").
CNB is one of only two Florida-based banks with more than $4 billion in assets to receive the 5-star rating. Only four banks over $1 billion, including CNB, received the highest rating.
BauerFinancial has been rating the nation's banks since 1983. The ratings firm utilizes a complex formula that factors in current and historical data to determine the strength of each bank.
In the first quarter, CNB surpassed $4 billion in assets and reported net income of $9.4 million, core earnings of $13.2 million, continuing a strong record of profitability and growth. CNB increased assets by $235 million since the beginning of 2012 and is one of the most liquid and best capitalized banks in Florida, with excess liquidity of $1.2 billion.
"BauerFinancial's Superior rating is a testament to the strength and stability of City National Bank," President and Chief Executive Officer Jorge Gonzalez said. "City National is one of the best capitalized institutions in the state and we will continue to use that strength to power our growth throughout 2012."
About City National Bank of Florida
Headquartered in Miami, City National Bank of Florida (CNB) is the financial institution Floridians have turned to for more than 65 years. The fifth-largest financial institution in the state, City National Bank of Florida was named the South Florida Business Journal's Community Bank of the Year in 2011. CNB offers a diversified portfolio of financial products and services at 27 convenient banking centers from Miami-Dade County to the greater Orlando area.
SOURCE City National Bank of Florida