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The U.S. Banker ranking was based on an analysis of data compiled for the magazine by SNL Financial LC. The local banks were among only 20 in California that made the list, which appeared in the magazine's June issue. Mission Bancorp, based in Bakersfield, ranked No. 6. San Joaquin Bancorp, also based in Bakersfield, ranked No. 50.
Additionally, Sierra Bancorp, based in Porterville, came in 10th.
The magazine ranked banks based on the average return on equity for the past three years. Return on equity is the net income that a firm is able to earn as a percent of stockholders' investment.
The magazine recognition follows Mission Bank receiving a "super premier" rating, and Mojave-based Mojave Desert Bank receiving a "premier" rating, on a list of healthy banks published in the May issue of The Findley Reports, a newsletter about California financial institutions published by Anaheim consultant Gary S. Findley. There were 20 banks in the top "super premier" tier, 36 in the middle "premier" tier, and 22 in the "commendable" tier.
The Findley list was based on 2008 operating results. Gary Findley could not be reached for comment, but according to the company's Web site, banks on his list are evaluated on the basis of liquidity, equity capital adequacy, asset structure, deposit quality, operating performance, equity return, stability, consistency and regulatory orders, among other factors.
Mission President and Chief Executive Officer Richard Fanucchi said being on both lists validates the bank's strategy.
"It shows that we have stuck to a consistent, stable and conservative growth plan that has allowed us to maintain a high quality of loans," he said.
San Joaquin President and Chief Executive Bart Hill said it was nice to see some good news for a change.
"I think the economy in general and the banking industry in particular are subject to a lot of negative attention, so we're pleased to have some good news and some positive recognition," he said.
George Nagy, president and chief executive of Mojave Desert, could not be reached for comment.
To see more of The Bakersfield Californian, or to subscribe to the newspaper, go to http://www.bakersfield.com. Copyright (c) 2009, The Bakersfield Californian Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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