Bank of Cleveland Ranked No. 1 in Tennessee

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Bank of Cleveland Ranked No. 1 in Tennessee

Beth Foster Associate Editor, March 1, 2009

Once again, for the fourth year in a row, Bank of Cleveland has been ranked as the No. 1 bank in Tennessee. Financial Management Consulting Group of Russell Springs, Ky., ranks all banks head quartered in Tennessee. In 2008, Bank of Cleveland rose to the top of the list again from among 182 banks.

The ranking is based on return on assets, return on equity, efficiency and other various categories -- not subjective measures, according to Christy Griffith, senior vice president of marketing for Bank of Cleveland.

Griffith said she was not aware of any other bank that had maintained the honor four years in a row.

In addition to this being Bank of Cleveland's fourth consecutive year, the local financial institution has had the honor several times before this back-to-back twice-over top ranking.

The information contained in the report is compiled from quarterly call report data filed with the FDIC by all banks. The call report is a mandatory regulatory call report submitted each quarter by each bank, which is public information.

Bank of Cleveland President and CEO Scott Taylor attributes the bank's successes to the community and the bank's employees.
" It's a good market," he said.

Southeast Tennessee's market has been stronger than most during the economic downturn, and in Cleveland, the situation has been even better than the rest of the region -- especially with the announcements of Wacker Chemie AG and Volkswagn locating nearby.

The community has a diversified industrial base, he said, which keeps the community growing.

Bradley County "has always come through these downturns pretty well," he said.
The local economy is steady, he said, with no big upswings and no big downswings -- and, he said, steady growth is the best environment in the banking business.
In the banking business, he said, the people who work for the bank are critical.

A lot of customers don't care if a bank if local or national, he said. They care about the people at the bank and the relationship they have with them when they have business to conduct.

Bank of Cleveland, Taylor said, does very basic banking -- it makes loans to people in this market and takes deposits.
" It's not fancy," he said. "And it's definitely been in our favor ... it's old-fashioned, bread-and-butter banking."

"And, we don't have any plans to venture into any side businesses," Griffith added.
Bank of Cleveland also has a strong capital base, Taylor said, twice what the FDIC considers to be well capitalized.

At year-end 2008, Bank of Cleveland's capital level and reserves reached an all-time high of $32 million.

"Capital level is a key indicator of the strength and stability of a bank," according to information from Griffith. "Our ability to increase capital during a challenging economic year further reinforces our strength and stability."

In June 2008, Bank of Cleveland was ranked 29th in the nation in the American Bankers Association's Banking Journal. This ranking is based on return on shareholder equity over a multi-year period.

And, the highest Five Start Superior Rating from BauerFinancial Inc. has been awarded to Bank of Cleveland based on call report data and historical performance through Dec. 31, 2008.

Bank of Cleveland opened its doors on May 8, 1987 in a mobile facility on Keith Street.
Back in 1987, the era of bank mergers was under way and Bank of Cleveland was established with the express goal of providing Bradley County the alternative of a true, locally owned and operated community bank.

Today, Bank of Cleveland has five locations, all of which are located in Bradley County, and more than $256 million in assets.

 

 

 

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