Bank of Buffalo has been named the nation’s top performing community bank in its class by the American Banker’s Association. According to the monthly “ABA Banking Journal,” banks are segregated by asset size and corporate status.
Bank of Buffalo has been listed in the top-25 of banks its size, corporate structure and return on average equity for the past five years. The class includes banks with less than $100 million in assets
“The number one ranking is a reflection of the bank’s continued success in managing the bank’s assets, keeping overhead low and minimize losses in the loan portfolio,” said bank president and CEO Rondal Wright. “What sets us apart from other institutions is our ability to serve our customers and the community of LaRue County in a way that we rely on our staff to handle all the bank’s processes in house.”
Vice President Carrie Warren said the bank was fortunate to operate in an area that has fared well during the current recession. Unemployment is lower than other regions in the state and overall, the economy is better.
“Another thing that sets us apart is we run a conservative shop here,” Warren said. “Our employees wear several different hats.”
The bank has operated in Buffalo since 1901 with the Hodgenville branch opening about 10 years ago.
Bank of Buffalo also has been recognized as a 5-Star Superior bank for 90 consecutive quarters by BauerFinancial, Inc., the nation’s leading bank rating and research firm.
A 5-Star rating indicates that Bank of Buffalo is one of the strongest banks in the nation in terms of capital quality, asset quality and profitability.
Seventeen “well-seasoned and well-trained” employees serve both sites with the six longest tenured employees having combined service of 197 years, said Wright.
Wright has been in banking for 50 years and has served the bank since 1968. Warren joined the bank 25 years ago.
Both Wright and Warren said the top ranking surprised them.
“We knew we’d had a good year,” Warren said. “But you never know how well others do. We knew we would be in the top-10, but not number one.”