by Emily Vanneman
Valley Green Bank has been named one of SNL Financial’s top 100 best-performing community banks of 2013.
For banks under $500 million in assets, Philadelphia-based Valley Green Bank was ranked 8 out of 4,057 banks nationally eligible for the category. Valley Green was the only bank in the category from Pennsylvania to make the top 100 list.
“SNL ranked the best-performing community banks using six core financial performance metrics that focus on profitability, asset quality and growth for the 12-month period ended Dec. 31, 2013,” SNL Financial reported. “The metrics used were: return on average tangible assets before tax, net charge-offs as a percentage of average loans, adjusted Texas ratio, efficiency ratio, net interest margin and loan growth.
“SNL measured each company’s standard deviation from the mean of each metric. The standard deviations, which are equally weighted, were added together to calculate a performance score for each company.”
“We are honored that SNL Financial recognized us for our profitability, asset quality and growth,” said Jay Goldstein, president and CEO of Valley Green Bank. “This really validates the efforts of our team to provide neighborhood retail and commercial banking services in a large urban environment.”
The bank offers a traditional mix of deposit accounts, including non-interest and interest-bearing checking accounts, savings, money market and certificate of deposit accounts. It also offers customers individual retirement accounts.
Valley Green Bank has two other branches – in addition to its Chestnut Hill location – in Mt. Airy and South Philadelphia.