The failures of Silicon Valley Bank and peers like First Republic Bank made 2023 the most tumultuous year for the banking industry since the 2008 crisis, but for some small community banks, the chaos hardly registered.
City Holding Co., the parent company of West Virginia's City National Bank with $6.2 billion in assets, is based in the capital city of Charleston, in a region of Appalachia known for coal. West Virginia is a state whose population of 1.8 million is on the decline, but president and CEO Skip Hageboeck sees that as an asset instead of a drawback. Major banks don’t reinvest much in West Virginia and surrounding towns in Virginia, Ohio and Kentucky to compete for customers, and City National has steadily increased its market share. Thanks to its focus primarily on retail banking rather than catering to businesses, just $894 million out of $5.1 billion (17.5%) in deposits are uninsured, according to its most recent call report, compared with 41% of total deposits at all U.S. banks.
Read the full story on Forbes: https://www.forbes.com/sites/hanktucker/2024/04/04/americas-best-banks-2024/?sh=2fd50226d762
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City Holding Co., the parent company of West Virginia's City National Bank with $6.2 billion in assets, is based in the capital city of Charleston, in a region of Appalachia known for coal. West Virginia is a state whose population of 1.8 million is on the decline, but president and CEO Skip Hageboeck sees that as an asset instead of a drawback. Major banks don’t reinvest much in West Virginia and surrounding towns in Virginia, Ohio and Kentucky to compete for customers, and City National has steadily increased its market share. Thanks to its focus primarily on retail banking rather than catering to businesses, just $894 million out of $5.1 billion (17.5%) in deposits are uninsured, according to its most recent call report, compared with 41% of total deposits at all U.S. banks.
Read the full story on Forbes: https://www.forbes.com/sites/hanktucker/2024/04/04/americas-best-banks-2024/?sh=2fd50226d762
Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1
Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:
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Category
🛠️
LifestyleTranscript
00:00 It was a scary year for banks in 2023 as five FDIC-insured institutions, accounting for
00:07 more than half a trillion dollars in assets, collapsed.
00:11 Thankfully, the banking industry emerged from the panic on solid footing, and those that
00:16 were positioned to pick up the remnants are stronger than ever.
00:20 The stocks of North Carolina-based First Citizens Bank, which bought Silicon Valley Bank out
00:25 of FDIC control, and J.P. Morgan, which won the auction for First Republic Bank, have
00:31 never been higher.
00:33 Forbes' 15th annual list of America's Best Banks looks at 10 metrics measuring growth,
00:39 credit quality, and profitability for the 2023 calendar year, as well as stock performance
00:45 in the 12 months through March 18, 2024.
00:49 The 200 largest publicly traded banks and thrifts by assets were eligible for the list,
00:55 and we ranked the top 100, led by Charleston, West Virginia-based City Holding Company at
01:00 number one.
01:03 City Holding, the parent company of West Virginia's City National Bank, is based in the capital
01:08 city of Charleston.
01:10 Major banks don't reinvest much in West Virginia and surrounding towns in Virginia, Ohio, and
01:16 Kentucky to compete for customers.
01:19 And City National has steadily increased its market share, thanks to its focus primarily
01:23 on retail banking rather than catering to businesses.
01:27 Just 17.5% of its $5.1 billion in deposits are uninsured, according to its most recent
01:34 call report, compared with 41% of total deposits at all U.S. banks.
01:40 City is also picky with its growth through acquisitions, though last March it closed
01:45 an acquisition of Kentucky-based Citizens Commerce Bank for $62 million, adding $300
01:52 million in assets.
01:55 City National's stock gained 18% in 2023, an anomaly among small banks.
02:01 Here are the top five banks in 2024.
02:06 At number five is HBT Financial, headquartered in Bloomington, Illinois.
02:13 At number four is Bank First, headquartered in Manitowoc, Wisconsin.
02:20 At number three is International Bank Shares Corp., headquartered in Laredo, Texas.
02:27 At number two is West America Bank Corporation, headquartered in San Rafael, California.
02:34 And at number one is Citi Holding, headquartered in Charleston, West Virginia.
02:39 [MUSIC]
02:49 (gentle music)
02:51 you