First Bank and Trust Company announces number one ranking among Virginia Banks while also reporting a milestone in asset size. The bank credits continuing focus on customer-centric growth strategies.
Financial Management Consulting Group (FMC) recently released the 2022 performance report, ranking all 63 Virginia-based banks. For the seventh consecutive quarter, the report names First Bank and Trust Company as the state’s number one bank based on overall performance. Overall performance ranking determines standings based on eight metrics including: net interest margin, non-interest income, non-interest expense, efficiency, nonperforming assets, asset quality, return on assets, and return on equity.
In 2022, First Bank and Trust Company’s total assets increased to $3.14 billion, making the bank the ninth largest Virginia bank by asset size, up from 12th in 2021.
President & CEO Mark Nelson said, “The bank’s continuing growth is a testament to our customers’ trust in our team and the services we offer to the community. We recognize that individuals and businesses have many banking options. The loyalty of our account holders has been paramount to our continuing growth and success, and we appreciate each person who chooses to bank with us.”
First Bank and Trust Company appeared second among Virginia banks based on efficiency rank and third based on return on equity.
Chief Financial Officer Eric Moore commented, “The ratings reflect the solid foundation of First Bank and Trust Company, and underscore the strength and stability of the institution. The bank remains well-capitalized, far in excess of all regulatory guidelines, and is ideally positioned to continue our track record of success in 2023 and beyond.”
First Bank and Trust Company has continued to improve digital banking offerings, prioritizing the changing needs of customers to leverage growth opportunities.
Matt Linder, the bank’s chief information officer and head of digital banking, said, “We have worked hard to continue prioritizing digital banking capabilities for our customers. Providing the convenience customers need without sacrificing the personal relationships they have become accustomed to, is one of the many ways we are working to lead digital banking technology among community banks.”
For more information, visit www.firstbank.com/about/who-we-are
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 more than thirty office locations throughout Southwest Virginia, Virginia’s New River and Shenandoah Valleys, and Northeast Tennessee, with additional presence in North Carolina under the name First Bank and Trust Company of Virginia. The bank’s financial solutions include free checking products for personal and business accounts, savings, money market and time deposit accounts. Lending solutions are managed by mortgage, agricultural and commercial lending divisions. Comprehensive wealth management solutions are available through First Trust & Wealth Management.
