Merchants Bank ranked 18th on ABA Banking Journal’s 2013 list of top performing midsize banks, three places higher than their 21st place ranking in 2012. A common thread uniting this year’s group of “Top 25” performers was efficiency. “Like many of our Top 25 peers, Merchants Bank invested in technology and relied on process improvement to generate a positive impact throughout the year,” stated Mike Tuttle, President and CEO of Merchants Bank. “We are very proud to again be included in this group of exceptional banks, and are always looking for opportunities to improve that will benefit our customers, employees and shareholders over the long term.”
The 513 banks in this analysis were ranked based on 2013 return on average equity (ROAE) for federally insured domestic institutions with assets between $1 billion and $10 billion as of Dec. 31, 2013. Securities and Exchange Commission filings were the source for public company data. Thomson Reuters and SNL Financial provided data for the analysis.
Established in 1849, Merchants Bank is the largest Vermont-based bank, independent and locally operated. Consumer, business, municipal and investment customers enjoy personalized relationships, sophisticated online and mobile banking options, 32 branches statewide, plus a nationwide network of over 55,000 surcharge-free Allpoint ATMs. Merchants Bank (Member FDIC, Equal Housing Lender, NASDAQ “MBVT”) and Merchants Trust Company employ approximately 300 full-time employees and 40 part-time employees statewide, and have earned several “Best Places to Work in Vermont” awards. American Banker ranks Merchants Bank a “Top 200” in America among 851 peers. www.mbvt.com
Source: Merchants 6.24.2014