BestCashCow Names Fastest Growing Banks in California
American Plus Bank leads the list with 56.4% Growth in assets
Newton, Mass. (October 9, 2012) – BestCashCow, an online resource for comprehensive bank rate information, today released its list of the top five fastest growing banks in California. Banks were ranked based on organic growth of assets and return on equity for the year ending June 30, 2012.*
Arcadia-based American Plus Bank, N.A. tops the list with 56.4% growth in assets and a 10.8% return on equity. Founded in 2007, American Plus is an independent, community bank serving the San Gabriel Valley and surrounding areas in Los Angeles County. Its growth last year was driven primarily by growth in real estate lending, including a 462% jump in mortgage loans.
Rounding out the list of fastest growing California banks are:
- Silvergate Bank (56.2% asset growth, 7.2% return on equity)
- Vibra Bank (43.7% asset growth, 10.6% ROE)
- Lighthouse Bank (37.6% asset growth, 9.2% ROE)
- Valley Republic Bank (36.1% asset growth, 4.4% ROE).
All of these banks grew by expanding their loan business and increasing deposits, without any significant mergers or acquisitions.
"Despite the pressure of low interest rates, many small and community-based banks are thriving," said Sol Nasisi, president of BestCashCow. "They are able to do so because they have the right formula to succeed in today's economy. They have well-defined markets, entrepreneurial cultures and solid balance sheets and at the end of the day, success breeds success. As these banks continue to grow and effectively compete in their local markets, more and more consumers are looking to them for their next mortgage, business loan or credit card."
BestCashCow is a comprehensive, unbiased resource for the best rates on savings accounts, CDs, bonds, mortgage rates and more. BestCashCow was founded in 2005 and today tracks more than 7,000 FDIC-insured banks, 7,000 credit unions, 130,000 local branches, and more than 2 million local and national rates on checking and savings accounts, CDs, mortgages, bonds, dividend stocks, and home equity loans and lines of credit. BestCashCow allows banks and credits unions direct access to add new products, update rates, and modify listings. By partnering with financial institutions, BestCashCow is able to provide offers and rates not found anywhere else. For more information, visit www.bestcashcow.com.
* Banks with negative net income and banks that merged or were acquired during this period were excluded.