In a year of scarce credit and continued concerns about the health of U.S. banks, BB&T, First Citizens Bank & Trust (NC/VA), Frost, M&T Bank, and Synovus Financial stood apart, winning the highest number of Greenwich Excellence Awards as part of the Greenwich Associates 2009 Small Business Banking study.
These banks received the highest number of awards across categories from over 17,000 small businesses interviewed by Greenwich Associates as part of its annual study. Although top performers ranked at or near the top in most of the 10 national banking and treasury management categories covered in our study, it is their ratings for financial stability and lending policy that counted most during a period in which credit availability and security were top priorities for U.S. businesses, says Greenwich Associates consultant Don Raftery.
While some large institutions, such as Capital One Bank, HSBC, SunTrust, and US Bank were recognized for financial stability, there were also smaller providers like Frost, Union Bank (CA), and Whitney National Bank that also made the list. Right now, bank size is not an effective predictor of clients perceptions of financial strength. We see some of the highest marks coming from small regional banks that have stayed out of trouble, says Greenwich Associates consultant Chris McDonnell.
BB&T, M&T Bank, First Citizens Bank & Trust (NC/VA), and Synovus Financial earned Excellence Awards for their overall credit policies. The Greenwich Excellence Award in this category is based on specific scores for four factors including willingness to lend, speed of response, terms and conditions, and competitiveness of pricing.
On a regional basis, M&T Bank and TD Bank were among the top award winners in the Northeast, while BB&T and Synovus Financial both took honors in the South. PNC Financial Services Group and Zions Bancorp both received dual recognition showing regional excellence in both Overall Satisfaction and Treasury Management in the Midwest (PNC Financial Services Group) and West (Zions Bancorp) respectively.
In addition to the above some of the top winners of 2009 Greenwich Excellence Awards for Small Business Treasury Management were BB&T, M&T Bank, TD Bank, and SunTrust. The full list of winners (in alphabetical order) in this category also includes BBVA Compass, First Citizens Bank & Trust (NC/VA), Frost, Fulton Bank, Synovus Financial, Whitney National Bank, and Zions Bancorp.
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