The Independent Community Bankers of America has named FirstBank one of the top-performing community banks of its size in the country.
The Lexington, Tennessee-based bank, which has a strong Nashville presence, ranked 17th among Subchapter S community banks with assets of more than $1 billion based on its 2013 returns on equity and assets. The ICBA said FirstBank’s return on equity last year was 12.68 percent and its return on assets was 1.28 percent.
Chris Holmes, FirstBank president and chief executive officer, called the recognition "a great honor for the entire FirstBank team."
"Last year was our second consecutive year of record annual earnings, and that is the result of much hard work and dedication by all our associates in providing high levels of service to our customers,” said Holmes (pictured), who spends significant time working in the Nashville market.
The recognition follows FirstBank's March announcement that it would open a first full-service branch in Huntsville, Alabama, its first outside Tennessee state lines (read more here).
FirstBank has more than $2.2 billion in assets and booked a 2013 profit of $28.0 million, up from $25.1 million the year before.
The Independent Community Bankers of America is the primary trade group for boutique U.S. banks, representing approximately 5,000 small and mid-sized financial institutions.