NORWICH – NBT Bancorp has received another acknowledgment for its standout financial performance, this time with a top 15 ranking among 150 of the nation’s largest publicly-owned banks and thrifts in Bank Director magazine.
The results of the industry magazine’s 2009 Bank Performance Scorecard were revealed in an article by business writer Charles Keenan, entitled, “Home Run Hitters,” which appeared in the first quarter 2010 issue.
The rankings were based on a performance scorecard where each of the banks were rated on profitability, capital adequacy and asset quality over the last two quarters of 2008, and the first two quarters of 2009.
“Despite the upheaval of bank balance sheets across America, there are many financial institutions still going strong, especially ones that adhere to a basic formula for successful banking: lend money to low-risk borrowers, keep a lid on expenses, and dominate local market share,” reported Keenan.
NBT, which placed 13th on this year’s list, is one of only two financial institutions from the Northeast to make the top 15. The company was ranked 39th on the list in 2008 and 58th in 2007.
“We are pleased that our efforts continue to move us higher on Bank Director magazine’s important industry list,” stated NBT President and CEO Martin Dietrich, in a statement issued yesterday.
“To be among the country’s top 15 banks – significant gain for us over the past two years – reflects well on our conservative but progressive approach to community banking,” Dietrich said.
According to the CEO, NBT Bancorp, which was first established in 1856, is the only publicly-traded company headquartered in Chenango County. The financial holding company operates two full-service community bank divisions – PennStar Bank and NBT Bank - with a total of 123 branch offices throughout New York, Northeastern Pennsylvania and Vermont.
