Magazine ranks Commerce as third-strongest bank
Commerce Bank, which has an office in Champaign, was ranked third strongest among the nation's 100 largest banks in a recent ranking by Forbes magazine.
The bank's holding company, Kansas City, Mo.-based Commerce Bancshares, earned the ranking based on eight measures of asset quality, capital adequacy and profitability, the magazine said on its Web site.
Commerce Bancshares, with $18 billion in assets, had only 1.6 percent of its loans categorized as "nonperforming." Reserves were equivalent to 114 percent of nonperforming loans.
The top ranking from Forbes went to Honolulu-based Bank of Hawaii. The second-highest ranking went to another Kansas City-based bank, UMB Financial, which is somewhat smaller than Commerce Bancshares.
The rankings covered banks with assets of $5.2 billion or more. Of the 100 banks that fall in that range, Forbes identified the 10 "best" and 10 "worst" banks in terms of asset quality, capital adequacy and profitability.
Of the 10 "worst" banks, four were based in Puerto Rico and two were based in Michigan. The others were sprinkled through California, Hawaii, Pennsylvania and Washington.
Of the 10 "best" banks, three were based in Missouri, and two each were based in Texas, California and New York. The remaining – and top-rated – bank was in Hawaii.
Several banks operating in East Central Illinois fall within the asset range of banks included in the survey – among them, JPMorganChase, PNC Financial (National City), Regions Bank, State Farm Bank, First Midwest Bank and Old National Bank.
But none of those banks was identified among the 10 "best" or 10 "worst" banks of the 100 in the rankings.
Champaign-based First Busey Corp., which has about $4 billion in assets, was not large enough to be included in the rankings.