Two Oklahoma banks landed atop a list of the nation’s best-performing small community banks in 2013, and eight other state banks were in the top 100 among more than 4,000 similarly sized U.S. banks.
Cherokee-based Farmers Exchange Bank earned the highest ranking among the nation’s community banks with assets of less than $500 million, followed by Oklahoma City’s Bank 7, according to SNL Financial, which annually ranks community banks based six financial criteria.
SNL Financial credited the state’s strong economy with boosting the performance of Oklahoma banks.
Farmers Exchange was ninth in SNL Financial’s 2012 rankings. In operation since 1935, Farmers Exchange has nearly doubled in size since 2010.
Farmers Exchange Bank’s “growing commercial and industrial loan book played no small role in that expansion, helping Farmers book overall loan growth of 34.06 percent in 2013,” SNL Financial said.
Bank 7, which ranked No. 4 in SNL Financial’s 2012 rankings, also benefited from growth in business loans.
“Bank 7 also sported a large C&I (commercial and industrial) loan portfolio, which made up nearly half of its total loans as of Dec. 31, 2013,” SNL Financial said.