Centric Bank Named to American Banker's Top 200 Community Banks in the U.S. and Independent Banker's 2020 Top Lenders

Rhea-AI Summary

Centric Bank, a subsidiary of Centric Financial Corporation (OTC: CFCX), has been recognized as one of the Top 200 Community Banks in the U.S. for a second consecutive year by American Banker, climbing from #106 to #92. The bank also ranked #14 among commercial lenders in the $500 million to $900 million category of Independent Banker's 2020 Top Lenders. Centric Bank funded over $215 million in PPP loans during the COVID-19 pandemic, showcasing its commitment to supporting small businesses, particularly minority and veteran-owned.

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• Ranked #92 in American Banker's Top 200 Community Banks, up from #106 in 2019.
• Ranked #14 among commercial lenders in the $500 million to $900 million category.
• Funded over $215 million in PPP loans to support small businesses during COVID-19.

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• None.

HARRISBURG, Pa., Aug. 17, 2020 /PRNewswire/ -- Centric Bank, the wholly owned subsidiary of Centric Financial Corporation (OTC: CFCX), has been recognized as one of American Banker's Top 200 Community Banks in the U.S. for the second consecutive year, as well as one of Independent Banker's Top Lenders for 2020.

American Banker's annual ranking is a list of publicly traded banks and thrifts with less than $2 billion in assets. The rankings are based on Return on Average Equity (ROAE) over a three-year period. Centric Bank finished in the #92 position, climbing from #106 in the 2019 ranking.

Capturing an additional national recognition, Centric Bank ranked #14 among commercial lenders in the $500 million to $900 million category of Independent Banker's 2020 Top Lenders. The annual Top Lenders list is based on the strength of competitive banking services and operational efficiencies using 2019 FDIC data. Scores were determined by combining the average of the bank's percentile rank for lending concentration and for loan growth over the past year in each lending category and asset size and adjusted for loan charge-offs at certain percentile thresholds. The listing showcases their commitment, ingenuity, and skill in adapting to market dynamics and evolving customer needs. Independent Banker is the monthly magazine of the Independent Community Bankers of America (ICBA).

"Centric Bank is honored to be ranked by both American Banker and Independent Banker on these lists of exceptional community banks," says Patricia (Patti) A. Husic, President and CEO. "We bring every resource and financing tool to make sure small businesses thrive, especially minority-owned, women-owned, and veteran-owned small businesses in our service area. Our team prides itself on making our customers' dreams and big ideas a reality with access to capital. Whether it's helping a physician acquire a practice, walking a bakery owner through buying a building to support an expansion, or putting together a new business plan with an entrepreneur, Centric Bank is committed to meeting your goals and securing the financing you need to succeed."

"With COVID-19 at the forefront of everyone's mind, this year in particular our focus was on being a lifeline to businesses keeping their doors open and sustaining their employees through the SBA's Paycheck Protection Program," Husic adds. "We were privileged to fund more than 2,000 PPP loans totaling more than $215 million to existing customers and new customers."

ABOUT CENTRIC FINANCIAL CORPORATION AND CENTRIC BANK
An American Banker 2019 and 2018 Best Banks to Work For, three-time American Banker Most Powerful Women in Banking Top Team, three-time Best Places to Work, and Top 50 Fastest-Growing Companies for seven years, Centric Bank is headquartered in south central Pennsylvania with assets of $1.05 billion and remains a leader in organic loan growth. A locally owned, locally loaned community bank, Centric Bank provides highly competitive and pro-growth financial services to businesses, professionals, individuals, families, and to the health care and dental industries with the Doctor Centric Bank Division. Centric Bank is a Top 10 SBA 7(a) Lender in the Eastern District of Pennsylvania and one of the Top 200 Community Banks in the U.S.

Founded in 2007, Pennsylvania-based Centric Bank has financial centers located in Harrisburg, Hershey, Mechanicsburg, Camp Hill, Doylestown, and Devon, loan production offices in Devon and Lancaster, and an Operations and Executive Office campus in Hampden Township, Cumberland County. To learn more about Centric Bank, call 717.657.7727 or visit CentricBank.com. Connect with them on Twitter, Facebook, LinkedIn, and Instagram.

Centric Financial Corporation is traded over the counter (OTC-Pink) with the ticker symbol CFCX.

Safe Harbor Statement
Except for historical information contained herein, the matters discussed in this release are forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty. Because of these risks and uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. In addition, our past results of operations do not necessarily indicate our future results. We undertake no obligation to publicly update or otherwise revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact: Anne Deeter Gallaher
Tel. 717-580-4856
adg@deetergallahergroup.com

 

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SOURCE Centric Financial Corporation, Inc.