First Citizens in top 200 community banks — report
Posted: Monday, July 21, 2008 12:29 pm
The Messenger 07.21.08
First Citizens National Bank placed in the top 200 community banks in the nation and was the only bank selected in Tennessee, according to a list published in the June edition of U.S. Banker magazine.
First Citizens Bancshares, the holding company for First Citizens National Bank, was ranked 159th.
The ranking is based on a three-year average return on equity.
“I am very proud of our board and teammates in helping achieve this great honor. This is not by accident; return on equity is our core measuring tool which drives shareholder value,” said Jeff Agee, president and CEO of First Citizens National Bank.
Agee attributes the bank’s high ranking to embracing and staying with core fundamental banking.
“We avoided the enticements of subprime mortgages, grew non-interest income, controlled expenses and preserved our margins and capital,” Agee said.
Earnings for the first six months of 2008 remain strong, exceeding those recorded for the first six months of 2007.
First Citizens National Bank is an independent community bank chartered in 1889.
The bank currently has 21 locations.
The U.S. Banker list was culled from Securities and Exchange Commission reports for public banks with assets under $2 billion.