Only New Jersey Bank to make the S&P Global Market Intelligence 2019 Annual Ranking
Oak Ridge, N.J. – June 12, 2020 – Lakeland Bank is pleased to announce it has ranked 33rd on the S&P Global Market Intelligence annual ranking of 2019’s best performing banks.
“We are honored to be the only New Jersey bank ranked among the 2019 best-performing community banks in the $3 billion to $10 billion category,” said Thomas Shara, President and CEO. “This commendation is further proof of Lakeland’s position as one of the nation’s top financially sound and healthy banks deeply committed to exceptional customer service, shareholder value, and the well-being of our associates and the communities we serve.”
S&P Global Market Intelligence released its annual rankings of 2019’s best-performing banks in three categories: community banks with assets between $3 billion and $10 billion, community banks with assets less than $3 billion, and top-performing credit unions. They ranked the best-performing community banks using six core financial performance metrics that focus on profitability, asset quality, and growth for the 12-month period ended Dec. 31, 2019. Community banks were defined as institutions with up to $10 billion in assets. In order for a bank to be eligible for the rankings, at least one-third of its balance sheet must be composed of loans, less than half of which could be attributable to credit card lending. Eligible banks had to be well-capitalized according to regulatory standards and could not have a majority of revenue derived from nontraditional banking activities.
"During this time of economic uncertainty, we first and foremost would like to thank the community banks and credit unions for their tireless work serving their local communities. As essential services, we recognize that these local banks and credit unions can provide a sense of stability to those who need it most. This year's rankings once again prove that the growth in community banks are a key driver behind the US economy. With localized knowledge and regional ties, these institutions can meet the specified needs of the communities they serve. S&P Global is proud to recognize these local institutions and looks forward to this year's achievements," said J.P. O'Sullivan, Managing Director of Financial Institutions at S&P Global Market Intelligence.
About Lakeland Bank
Lakeland Bank is the wholly-owned subsidiary of Lakeland Bancorp, Inc. (NASDAQ:LBAI), which has over $7 billion in total assets. With an extensive branch network and commercial lending centers throughout New Jersey and Highland Mills, N.Y., the Bank offers business and retail banking products and services. Business services include commercial loans and lines of credit, commercial real estate loans, loans for healthcare services, asset based lending, equipment financing, small business loans and lines, and cash management services. Consumer services include online and mobile banking, home equity loans and lines, mortgage options and wealth management solutions. Lakeland is proud to be recognized as New Jersey’s #1 Best-In-State Banks by Forbes and Statista, rated a 5-Star Bank by Bauer Financial and named one of New Jersey’s 50 Fastest Growing Companies by NJBIZ. Visit LakelandBank.com for more information.