7:49 PM EDT, July 19, 2011
In the June issue of U.S. Banker, Somerset Trust Co. was recognized as one of the Top 200 Community Banks in the country for the second year in a row.
Looking at approximately 5,000 banks nationwide, SNL Financial compiled data for the publication that looked at the top performing financial institutions. Somerset Trust Co. is ranked No. 63 on the list.
The rankings are based on a three-year average of return on equity, which is a bank’s net income divided by shareholder equity, also known as equity capital or retained earnings. Somerset Trust Co. posted 11.13 percent. Last year the bank was ranked 105th and the three-year return on equity was 10.48 percent.
“It means our bank is safe and solvent and doing well in an environment that is economically challenging for all businesses,” said Roberta Lohr, the bank’s vice president of marketing. “This is a sign of our bank’s health, and it is good.”
As of March 31 the bank’s total assets were $645,605,551 compared to $567,125,675 in 2010. Deposits reached $572,557,069 compared to the prior year’s $497,056,737.
In July U.S. Banker published its first issue rebranded and redesigned as American Banker Magazine.
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