Michael R. Tuttle, President and CEO of Merchants Bancshares, Inc. (NASDAQ: MBVT), announced that American Banker Magazine and the ABA Banking Journal have both recently recognized Merchants Bank as one of the top performing banks in the country.
"At Merchants Bank, our commitment has always been to running a well-managed bank. And these two most recent accolades are a reflection of our entire organization. Every employee of Merchants Bank should take tremendous pride in knowing that their company is one of the finest banks in America. That's no small accomplishment," said Tuttle.
American Banker Magazine ranked banks across the country with less than $2 billion in assets and discovered that the best performing banks do not perform slightly better than their competition; the authors state "they're more than twice as good" as measured by a three-year average return on equity. According to their ranking system, Merchants Bank ranked number 10 in the country.
The ABA (American Bankers Association) Banking Journal ranked banks across the country with assets between $1 billion and $10 billion. According to their ranking system, Merchants Bank ranked number 14 in the country, in terms of average return on equity.
No other Vermont-based or New-Hampshire-based banks were represented in the top 20 of either ranking.
SOUTH BURLINGTON, VT--(Marketwire - May 25, 2012)
Merchants Bank recognized as one of the top performing banks in America
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on