NEWTON, MASS. — April 8, 2015 — First Commons Bank of Newton, Mass., was named as one of the 3 healthiest banks in Massachusetts, and one of the 13 healthiest in the Northeast U.S. by Sageworks, a financial information company.
Sageworks analyzed data from more than 6,500 banks across the U.S. and listed the healthiest for each region according to their “Texas Ratios” — a key performance indicator in the banking industry used to assess an individual bank’s health. The ratio gauges a bank’s ability to cover its bad debts with its tangible equity capital. The dataset used the most recent federal data via Sageworks Bank Information for the fourth quarter ended December 31, 2014. A low Texas Ratio is an indicator of a healthy bank
First Commons Bank had a ratio of exactly zero, reported Sageworks.
In a March 20th announcement, James Noe, an analyst at Sageworks, explained that “The institutions on each of these regional lists have taken on no or relatively low levels of problem loans and have adequate amounts of capital to cover them when there are any, which is a good indication of how these institutions are run.”
Tony Nuzzo, Chairman, President and CEO of First Commons Bank said he was pleased, but not surprised that First Commons Bank was rated among the healthiest banks in the U.S. “We are pleased to share this national recognition with our clients, employees, and shareholders,” he said.
The complete announcement from Sageworks announcing their listing of “America’s Healthiest Banks by Texas Ratio” is available at http://goo.gl/uX3AP8
About First Commons Bank
First Commons Bank, N.A., is a nationally chartered, FDIC-insured full-service community bank, dedicated to serving the businesses and individuals of Newton, Wellesley, Waltham, and eastern Massachusetts. The bank opened for business on July 22, 2009. Branch and office locations include its headquarters at 718 Beacon St. in Newton Centre, Mass., and 161 Linden Square in Wellesley, Mass. It also has a stand-alone branded ATM in the mall at Newton’s Chestnut Hill Square. Visit the First Commons Bank website at firstcommonsbank.com. Follow the bank on Facebook at facebook.com/firstcommonsbank and on Twitter at twitter.com/firstcommonsbnk.