Forbes Names S&T Bancorp as One of America's Best Banks

Rhea-AI Summary

S&T Bancorp Inc. (NASDAQ: STBA) has been named one of America's Best Banks by Forbes, ranking at number 39 on the prestigious list. The company's inclusion is based on key financial metrics and stock performance, reflecting its strong financial position and performance.

Positive

• S&T Bancorp Inc. (STBA) ranked 39 on Forbes' America's Best Banks list
• Selection based on financial metrics and stock performance
• Reflects S&T's financial strength and stable performance
• CEO Chris McComish commends team for progress and stakeholder focus

Negative

• None.

INDIANA, Pa., April 26, 2024 /PRNewswire/ -- S&T Bancorp Inc. (NASDAQ: STBA), the holding company for S&T Bank, today announced its inclusion in the Forbes list of America's Best Banks. The annual ranking, which was recently published on the Forbes website, is based on metrics measuring growth, credit quality and profitability, as well as stock performance.

"We are thrilled to be on the Forbes list of America's Best Banks, as it reflects S&T's financial strength and overall performance," said CEO Chris McComish. "I am incredibly proud of the excellent progress our team has made in achieving our performance goals to ensure that we remain a stable, long-term partner for our customers, communities and investors. Our people-forward approach to banking means that we prioritize doing the right thing for all our stakeholders."

To determine America's Best Banks, Forbes analyzed 10 financial metrics for the 2023 calendar year, as well as stock performance in the 12 months through March 18, 2024. The 10 equally weighted financial metrics are net interest margin, return on average tangible common equity, return on average assets, common equity tier one ratio, efficiency ratio, nonperforming assets as a percentage of total assets, reserves as a percentage of total assets, risk-based capital ratio, operating revenue growth and net charge-offs as a percentage of total loans.

The 200 largest publicly traded banks and thrifts by assets were eligible for the list and Forbes ranked the top 100. S&T was ranked as number 39 on the America's Best Banks list.

About S&T Bancorp Inc. and S&T Bank
S&T Bancorp Inc. is a $9.5 billion bank holding company that is headquartered in Indiana, Pennsylvania, and trades on the NASDAQ Global Select Market under the symbol STBA. Its principal subsidiary, S&T Bank, was established in 1902 and operates in Pennsylvania and Ohio. S&T Bank was named by Forbes as a 2023 Best-in-State Bank and as one of America's Best Banks in 2024. For more information, visit stbancorp.com or stbank.com. Follow us on Facebook, Instagram and LinkedIn.

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SOURCE S&T Bancorp, Inc.

FAQ

What ranking did S&T Bancorp Inc. achieve on Forbes' America's Best Banks list?

S&T Bancorp Inc. (STBA) ranked at number 39 on the prestigious list.

What criteria did Forbes use to determine America's Best Banks?

Forbes analyzed 10 financial metrics for the 2023 calendar year, along with stock performance in the 12 months through March 18, 2024.

How many banks were eligible for the America's Best Banks list?

The top 200 largest publicly traded banks and thrifts by assets were eligible, with Forbes ranking the top 100.

What did CEO Chris McComish say about S&T's inclusion on the Forbes list?

CEO Chris McComish highlighted the company's financial strength and stakeholder focus, emphasizing the team's progress and commitment to stability.