First Bank & Trust Company Ranked Top in Virginia, Tennessee and the Nation
ABINGDON, Va., July 23, 2020 /PRNewswire/ -- First Bancorp, Inc., parent holding company of First Bank & Trust Company, has again been ranked among top performing banks.
Piper Sandler, S&P Global Market Intelligence, provided the scorecard using data based on year-end 2019 performance. As in previous studies, the scorecard divided banks into three asset categories: $50 billion and above, $5 billion to $50 billion and $1 billion to $5 billion. Of the banks in the report, First Bancorp, Inc. was ranked the top bank in Virginia and Tennessee in addition to being ranked the 23rd highest performing bank in the United States. First Bancorp, Inc. was also ranked 12th among all banks in the nation with assets between $1 billion and $5 billion.
Data for the scorecard was compiled by Piper Sandler, using data from S&P Global Market Intelligence. The Scorecard used a combination of metrics to measure performance. Profitability is measured by return on equity and return on assets. Asset quality is represented by a combination of nonperforming assets and net charge-off ratios. Capital adequacy is defined by a bank's common equity ratio.
President and CEO of First Bank & Trust Company, W. Mark Nelson commented on the rankings, "We remain committed to the founding values that have played a pivotal role in placing First Bank and Trust Company among the top performing banks in the nation. Our financial strength allows the bank to continue meeting the financial service needs of our communities through an experienced and dedicated workforce providing exceptional value for our customers and our communities."
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About First Bank & Trust Company
First Bank & Trust Company, one of the top community banks in the United States, is a diversified financial services firm with office locations in southwest Virginia, northeast Tennessee, and New River and Shenandoah Valleys. Financial objectives are addressed by offering free checking products for personal and business accounts, and assessing lending solutions managed by mortgage, agricultural and commercial lending divisions. Comprehensive financial solutions are available through trust and brokerage service representatives.
For more information, visit www.firstbank.com or contact Nicole Franks [email protected]
SOURCE First Bancorp, Inc.
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