Report, rating recognize Providence Bank

From Contributed Reports

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Providence Bank recently earned two industry honors for its financial strength and growth.

Of the 68 institutions ranked in the 2014 North Carolina Bank Performance Report, Providence placed No. 4, a release says. Factored into the rating were asset quality, return on total equity, return on assets, efficiency ratio, loan growth and deposit growth.

The report, released by the Financial Management Consulting Group, ranks all banks in the state regardless of their asset size.

Bauer Financial Inc., a national bank rating agency, also recognized Providence’s overall performance by awarding the bank its five-star rating.

“We are very pleased with results of our operations over the past year and these two recognitions for Providence Bank,” John A. Barker, Providence’s president and CEO, said in the release. “We continue to reach out in our local footprint and grow deposits which, in turn, are lent to area businesses in our branches. Our goal is to assist the businesses in Nash and Edgecombe Counties to expand in a profitable manner.”

Providence Bank is a locally owned and managed community bank serving the Twin Counties. Chartered in 2006, it has branches in Nashville, Tarboro and Rocky Mount. For information, go to providencebanknc.com.