A national bank rating organization has bestowed the designation of a “blue ribbon bank” and a three-star top rating of “green” upon Evanston-based First Bank & Trust as a result of its performance in the quarter that ended on June 30.
The designation came from Veribanc, Inc., a banking analysis firm in Woonsocket, R.I.
According to Veribanc’s website, only one bank that has received the “blue ribbon” designation has ever failed since the rating system was begun in 1981, and that was because of fraud perpetrated by the bank’s president.
The blue-ribbon accolade is reserved for banks that demonstrate exceptional attention to safety, soundness, and financial strength, based upon more than 20 tests of the numbers on its balance sheet, income statement, and loan portfolio, as well as its compliance with federal capital requirements and off-balance-sheet exposure.
First Bank & Trust Managing Director and CEO Robert Yohanan recently announced to shareholders that the bank’s net income for the first half of 2014 was up 20 percent when compared to the same period last year.