FIRST RESOURCE BANCORP, INC. Recognized as One of the Top Performing Bank Holding Companies Under $2 Billion in Assets in the US by American Banker

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First Resource Bancorp, holding company for First Resource Bank, has been recognized for the third consecutive year by American Banker as one of the top-performing publicly traded community banks with assets under $2 billion in the US. Compiled by Capital Performance Group, the list highlights institutions excelling in a challenging interest rate environment. First Resource Bank ranked among the top 100 banks based on three-year return on average equity, amidst a narrowing field due to industry consolidations. The median return for these top 100 banks was nearly 15%, compared to less than 11% for all banks in this asset class. CEO Lauren Ranalli expressed pride in this recognition, attributing it to the bank's commitment to clients and financial excellence.

EXTON, Pa., July 2, 2024 /PRNewswire/ -- First Resource Bancorp, Inc. (OTCQX: FRSB), holding company for First Resource Bank, is proud to announce that it has been recognized by American Banker for the third consecutive year as one of the top-performing publicly traded community banks under $2 billion in assets.  

This list, compiled annually by Capital Performance Group, highlighted institutions that have excelled amongst their peers despite navigating a challenging interest rate environment.

Ranked using a three-year return on average equity, First Resource Bank was amongst the top 100 banks that earned a spot on the list, a notable achievement as the list was narrowed from 200 institutions last year due to industry consolidations.

Companies scoring a spot on American Banker's top 100 list had a median return on average equity just shy of 15%, compared with less than 11% for all publicly traded banks in this asset class.   

"We are incredibly proud to be included in American Banker's top 100 list," commented First Resource Bank President and CEO, Lauren Ranalli. "This recognition reflects our unwavering commitment to our clients and our dedication to maintaining financial excellence in a competitive landscape. We are delighted to see our hard work and strategic initiatives paying off."

About First Resource Bancorp, Inc.

First Resource Bancorp, Inc. is the holding company of First Resource Bank. First Resource Bank is a locally owned and operated Pennsylvania state-chartered bank with three full-service branches, serving the banking needs of businesses, professionals and individuals in the Delaware Valley. The Bank offers a full range of deposit and credit services with a high level of personalized service. First Resource Bank also offers a broad range of traditional financial services and products, competitively priced and delivered in a responsive manner to small businesses, professionals and residents in the local market. For additional information visit our website at www.firstresourcebank.com. Member FDIC.

This press release contains statements that are not of historical facts and may pertain to future operating results or events or management's expectations regarding those results or events. These are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934.  These forward-looking statements may include, but are not limited to, statements about our plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts.  When used in this press release, the words "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates", or words of similar meaning, or future or conditional verbs, such as "will", "would", "should", "could", or "may" are generally intended to identify forward-looking statements.  These forward-looking statements are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are either beyond our control or not reasonably capable of predicting at this time.  In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the results discussed in these forward-looking statements.  Readers of this press release are accordingly cautioned not to place undue reliance on forward-looking statements.  First Resource Bank disclaims any intent or obligation to update publicly any of the forward-looking statements herein, whether in response to new information, future events or otherwise.          

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SOURCE First Resource Bank

FAQ

What recent recognition did First Resource Bancorp (FRSB) receive?

First Resource Bancorp (FRSB) was recognized by American Banker as one of the top-performing publicly traded community banks under $2 billion in assets for the third consecutive year.

How was First Resource Bancorp (FRSB) ranked by American Banker?

First Resource Bancorp (FRSB) was ranked among the top 100 banks based on a three-year return on average equity.

Who compiled the list recognizing First Resource Bancorp (FRSB)?

The list recognizing First Resource Bancorp (FRSB) was compiled by Capital Performance Group for American Banker.

What was the median return on average equity for the top 100 banks recognized by American Banker?

The median return on average equity for the top 100 banks recognized by American Banker was just shy of 15%.

Who is the CEO of First Resource Bancorp (FRSB)?

Lauren Ranalli is the President and CEO of First Resource Bancorp (FRSB).