Visalia-based bank receives A+ Rating among 5,200 federally insured U.S. banks
VISALIA – In just over a decade, Visalia-based Suncrest Bank has become one of the best banks in America.
That designation came earlier this month when DepositAccounts.com named Suncrest to its prestigious Top 200 Healthiest Banks list for the second year in row. Suncrest received an A+ rating signifying its status as one of the healthiest banks in the United States with assets totaling $928 million. To compile the rankings, DepositAccounts.com analyzes data from 5,267 federally insured U.S. banks and considers a set of performance criteria including; capitalization, adjusted Texas ratio, and deposit growth. Suncrest’s deposits in the fourth quarter of 2018 were up $325 million over 2017 and its equity capital more than doubled from $60.8 million to $133 million compared to 2017.
“Our goal is to be the best community bank in California,” said Ciaran McMullan, president and CEO of Suncrest Bank. “We call it our ‘Three in Three Strategy,’ which is to be the best to work for in terms of employee engagement and our organizational culture, the best to work with in terms of how well we support our customers and communities, and the best to invest in, in terms of financial performance and shareholder value.”
McMullan added, “Making this list for the second year running is an important step in achieving our ‘Three in Three’ goals and a reflection of our strong growth in core, low cost deposits.”
Much of the company’s growth came after Suncrest’s merger of CBBC Bancorp, the parent company for Community Business Bank in West Sacramento, Calif. in May 2018. The acquisition nearly doubled Suncrest’s total assets from the first to the second quarter. The $62.5 million deal with CBBC netted Suncrest $325 million in assets and two branches located in West Sacramento and Lodi, Calif. and a loan production office in Roseville, Calif. Suncrest also operates five branches in Porterville, Visalia, Kingsburg, Fresno and Yuba City.
Suncrest Bank was established in Visalia in 2008 as a locally owned and operated bank. And while its still locally owned and operated in the Central Valley, it is regularly rated as one of the nation’s strongest financial institutions, rated Five Stars by Bauer Financial. Suncrest Bank, which trades on the over-the-county stock exchange (OTCQX) under the ticker symbol SBKK, was named to the exchange’s Best 50, a ranking of top performing companies traded on the OTCQX Best Market, in 2017 and 2018. The bank is also a Preferred Lender with the Small Business Administration. For all other information, visit www.suncrestbank.com.